BISYS Group, the US based financial services outsourcing business, has hired Mark O'Connor as vice president of business development at its Bisys Private Equity Services unit.
O’Connor joins the firm from CIBC, where he spent more than fifteen years, most recently as executive director of CIBC Capital Partners, the group’s principal investment business.
O’Connor’s role at BISYS is to identify and implement global growth and strategic service initiatives, the firm said in a statement. The appointment of O’Connor 'will enable us to expand the market presence and potential of our private equity services domestically and Europe', said Norman Leben, managing director of BISYS Private Equity Services. BISYS’ alternative investment services are provided through its offices in New York, Boston, Bermuda, Dublin, and London. O’Connor will be based at the firm’s New York headquarters.
'We intend to continue to capitalising on the growing outsourcing trend', said O’Connor, 'and the increasing number of private equity sponsors that are identifying outsourcing as the operational alternative that enables them to focus on their core competencies, their investors and their investments'. The unit currently provides services for 80 clients and 225 private equity funds, representing over $30bn in committed capital.
BISYS becomes the latest firm to step up its fund administration service to the private equity as outsourcing becomes increasingly viable for smaller and medium sized private equity funds. Earlier this year, Ansbacher Fund Services (AFS), part of the Ansbacher Group, announced the creation of a European product for its private equity and fund administration service.