Money Manager Seeks Foothold on Board of Ailing Bisys

NEW YORK – Money manager Ahmet Okumus said yesterday he has boosted his stake in financially troubled Bisys Group to 10.4% and has asked the company for a board seat. “While I have the utmost confidence in the ability and intentions of the current Board and Management, I believe that my perspective as a financial professional and representative of a significant shareholder on the Board would provide the Board with practical insight and guidance in considering the Company's strategic alternatives,” said Okumas in a March 23 letter to the Bisys management. Bisys, which provides back-office securities and insurance services for hundreds of banks and credit unions, reported a 36% decline in net income for its fiscal second quarter ended December 31, mostly as a result of its ongoing securities litigation. In October, Bisys agreed to pay shareholders $66 million to settle civil fraud claims over the misstatement of earnings, and in September the company agreed to pay $21 to the Securities and Exchange Commission to settle fraud charges that it made illegal kickbacks to brokers that were recommending its mutual funds to customers.