BISYS Developing Enhanced Servicing Platform for Separately Managed Accounts Through Strategic Alliance With Vestmark

NEW YORK, NY - January 24, 2004 - BISYS, a leading provider of business process outsourcing solutions for the financial services sector, today announced the material enhancement of its servicing solution for separately managed accounts through a strategic alliance with Vestmark. BISYS will support asset wealth managers with state-of-the-art functionality and a more robust and cost-effective servicing platform following the integration of its proprietary technology with Vestmark's key technology components, including its JAVA-based, scalability technology; a sophisticated workflow engine; and an interface development and maintenance application.

According to Fred Naddaff, president of BISYS Fund Services, "BISYS offers the broadest suite of investment services available from a single provider and we continue to strategically expand these services based on client and market demands. Our systematic best-of-breed approach is supporting the development of our wealth management offering, which will encompass the specific solutions our clients need to cost-effectively develop and grow their wealth management businesses, including our enhanced servicing solution for separately managed accounts. We are uniquely positioned to support the growing wealth management market segment with the sophisticated automation, the timely and accurate information, and the essential efficiencies investment managers need in today's highly competitive marketplace."

Kevin Keefe, senior vice president of BISYS Wealth Management Solutions, said, "The well-documented operational challenges that asset managers face in today's separately managed account marketplace include the lack of a robust and scalable processing platform; the need to interact with multiple, disparate external platforms; and limited aggregate business line data. Until our development of this servicing platform, which will efficiently leverage proven state-of-the-art technology, no servicing solution we know of adequately addresses these key challenges in a flexible and cost-effective way. We are confident that our competitively distinct servicing solution for separately managed accounts will support the near- and long-term demands of this dynamic marketplace."

David Blundin, chief executive officer of Vestmark, said, "We are pleased to form this strategic alliance with BISYS. We expect this partnership of capabilities, powerful technology, expertise, and service cultures will be well received in the marketplace and will ultimately establish an industry-leading servicing solution for separately managed accounts."

About BISYS:
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City, provides business process outsourcing solutions that enable investment firms, insurance companies, and banks to capitalize on convergence by entering new segments of the financial services industry. BISYS currently supports more than 22,000 domestic and international financial institutions and corporate clients through three business units.

Its Investment Services group provides administration and distribution services for approximately 370 clients, representing approximately 2,100 mutual funds, hedge funds, private equity funds, and other alternative investment products with approximately $700 billion in assets under administration. BISYS' largest group also provides retirement services to more than 17,000 companies in partnership with 40 of the nation's leading banks and investment management companies, and offers analytical research and competitive intelligence through its Financial Research Corporation (FRC) subsidiary.

Through its Insurance and Education Services group, BISYS is the nation's largest independent distributor of life insurance and the premier provider of the support services required to sell traditional and variable life, long-term care, disability, and annuity products. BISYS is also the nation's second largest independent wholesale broker of commercial property/casualty insurance. This group complements its insurance distribution services with a comprehensive compliance management solution that supports insurance and investment firms and professionals with more than 215 certification and continuing education training courses, and a sophisticated suite of products and services that automates the entire licensing process. BISYS' Information Services group supports approximately 1,450 banks, insurance companies, and corporations with industry-leading information processing and imaging solutions, turnkey asset retention solutions, and specialized corporate banking solutions. Additional information is available at www.bisys.com.

About Vestmark

Headquartered in Wakefield, Mass. and founded in 2001, Vestmark is a leading provider of portfolio management solutions and outsourced services for financial institutions and their advisors, enabling them to efficiently manage customized client portfolios through an innovative technology platform. Supporting over $1.5 trillion in assets and 5.5 million accounts, Vestmark is a partner to some of the largest and most respected wealth management firms. For more information about Vestmark’s solutions, call (781) 224-3640 or visit www.vestmark.com.

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