Bisys Fund Services has snared a contract to provide back-office support for the offshore mutual fund family that Janus Funds plans to launch in December.
The unit of Bisys Group Inc., Little Falls, N.J., said it will service the funds from its Dublin office. Janus, a Denver-based company that manages $60 billion of assets, last week announced that it is launching 12 funds domiciled in Ireland.
The agreement calls for Bisys to handle administration, accounting, and transfer agency duties for the new funds.
Supporting offshore mutual funds-U.S.-managed funds that are registered abroad and marketed to non-U.S. residents-is a growing business for fund servicers.
Bisys has about 20 clients through its Dublin operation, said David Huber, president of Bisys Fund Services, based in Columbus, Ohio. The Dublin staff has grown from three to 45 employees since Bisys acquired it as part of its 1995 purchase of Concord Holding Corp., a mutual fund administrator and distributor.
"We've got a great pipeline under way," Mr. Huber said. He said the interest in mutual funds overseas is "where the U.S. business was 10 years ago."