LITTLE FALLS, N.J. - Bisys Group Inc. of Little Falls has agreed to acquire the Luxembourg-based fund administration business of Credit Lyonnais Asset Management.

Terms of the deal, which is slated to close on June 1, were not disclosed.

Under the agreement, Bisys would take over all mutual fund processing work for the French banking group Credit Lyonnais and eight other European asset managers, representing a total of $4 billion of assets under management, said Charles J. Mohr, the president of Bisys' investment services group.

The agreement will encompass fund administration, fund accounting, and share registration. As part of the deal, Credit Lyonnais would use Bisys as its fund servicer for five years.

The unit, which would operate under the newly-formed Bisys subsidiary Bisys Fund Services Luxembourg, would continue to be run by its current managing director, Eric Terne.

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