First Chicago NBD has extended its contract with Bisys Group, the mutual fund service provider, for two years.
Bisys will continue to provide administration, compliance, and distribution services for First Chicago's mutual fund family, Pegasus, Bisys announced last week.
First Chicago NBD has used Bisys since 1995. Its Pegasus family, which includes 29 mutual funds and five variable annuity portfolios, has $15 billion of assets under management.
Located in Little Falls, N.J., Bisys has $146.4 billion of assets under administration, making it the top provider of fund administration services to U.S. banks. It lost one of its biggest banking clients last July when BankAmerica Corp. terminated its mutual fund distribution and administration contracts with the firm.