LITTLE FALLS, N.J. Bisys Group Inc., an information processor and outsourcer to the financial services industry, said Monday that it has agreed to buy Boston Institutional Group for about $35 million.
The deal for Boston Institutional, a provider of mutual fund outsourcing services, would add about 30 major mutual fund groups representing more than 300 funds. After the purchase, which is expected to close by April 30, Bisys would support about 120 mutual fund families, with more than $500 billion of assets.
Through its Financial Research Corp. division, Boston Institutional supplies research to the mutual fund and variable annuity markets. Its Boston Institutional Services subsidiary supports institutional trading and offers independent research services to asset managers.
Boston Institutionals distribution capabilities are expected to complement Bisys offerings, which include fund design, administration, and accounting; transfer agent and shareholder services; and compliance, legal, and marketing support.