Bisys Group Inc. has picked up four new mutual fund distribution clients, it announced last week.
Little Falls, N.J.-based Bisys supplies administration and distribution for 60 fund families, holding in total more than $600 billion of assets.
The new clients are all establishing new funds. For Nationwide Advisory Services Inc., the mutual fund arm of Columbus, Ohio-based Nationwide Financial Services Inc., Bisys will serve new offshore portfolios.
The other start-up funds are managed by Alpine Management and Research, New York; Puget Sound Asset Management, Seattle; and Willamette Asset Management, Portland, Ore.
David Huber, president of Bisys' fund services division, said he anticipates the four clients will have $200 million to $300 million combined in their mutual funds within three months.
The company's fund services division is making a concerted effort to take on more clients unaffiliated with banks, he added.
"Diversifying beyond the banking industry seems prudent," Mr. Huber said. "What we've built here is just as applicable to nonbanks."