Bisys Group has hired a senior executive to coordinate its strategy for investment services.
Charles J. Mohr, 51, joined the Little Falls, N.J., financial services technology provider on Monday as group president for investment services, a new position.
Mr. Mohr, who is based in New York, has responsibility for Bisys' mutual fund administration and its 401(k) plan services division. David Huber, who heads fund services, and Al Shemtob, who oversees 401(k) services, both report to Mr. Mohr, who in turn reports to Bisys chairman Lynn J. Mangum.
Mr. Mohr will also oversee Corelink Resources Inc., a San Francisco- based brokerage that helps banks market investments. Bisys, which already has a minority stake in Corelink, is in the process of acquiring the West Coast firm.
Bisys is best known in mutual fund circles for servicing banks, which account for about 85% of the $200 billion of assets it administers. But it is going after nonbank clients as well.
Mr. Mohr said his background in nonbank investment services should help. He joins Bisys after two years with Systematic Financial Management, a Teaneck, N.J., company that manages $1.6 billion of assets.
A 14-year veteran of the mutual fund business, Mr. Mohr also was president at SunAmerica Asset Management Corp. and Colonial Management Associates.
Before entering the investment management world, Mr. Mohr was chairman and chief executive officer of the Boston Stock Exchange.
At Bisys, Mr. Mohr said, "I'll be looking at how do we do more for our existing customers, how do we do it better, and how do we bring in additional business."
Mr. Mohr said that Bisys would look to attract a range of other fund complexes, including pure fund companies, insurers and broker-dealers with their own fund families, and hedge funds.
However, he noted that the company would not move away from servicing banks, which he described as the "foundation" of Bisys' investments business.
Mr. Mohr said he will also work closely with the chairman, Mr. Mangum, on examining strategic acquisitions for the investments area. "It's a healthy balance of helping run what's here and trying to grow it," he said.
In pursuing acquisitions in the investment servicing area, Bisys will look at "companies that have market share, companies that offer companion products, and clearing brokers," said Mr. Mangum.
He said that Mr. Mohr's hire brings the investment services division into line with Bisys' two other business components - insurance and marketing and information services, which have their own group presidents in place. The investment unit had previously reported to Mr. Mangum.
