Minister Martin Cullen officially opens BISYS Operation- in Waterford

On behalf of the Minister for Enterprise, Trade and Employment Micheál Martin TD, Minister for Transport Martin Cullen TD today (Tuesday 29^th November 2005) performed the official opening of BISYS Hedge Fund Services in Waterford. BISYS has established a new operation in the city, with the support of IDA Ireland to provide services to the hedge funds industry internationally and will create 250 new jobs over the next five years.

In welcoming BISYS, Minister Cullen said, “This is a very significant investment for Waterford as it is a real example of the type of highly skilled, knowledge based activities we are seeking to attract to Ireland. We are seeing a growth in this type of investment throughout Ireland, which will ensure that highly skilled graduates such as those from the Waterford Institute of Technology will be able to continue to work and live in that region. BISYS joins a growing list of international financial services companies in the South East region and their presence will only serve to attract more investment of this calibre to the area.”

The new Waterford office will report into the BISYS Dublin office, which handles fund accounting, shareholder services, corporate administration, and business development services to client companies worldwide. All positions within BISYS have a high skill requirement with the majority of staff educated to third level standard.

“The decision to expand our Irish operation beyond Dublin was strongly influenced by our experiences to date in Ireland”, said Ronan Daly, President of BISYS Hedge Fund Services. “Our Irish team has consistently demonstrated its ability to deliver world class standards of service to our clients. Ireland has been identified as the premier growth centre in the fund industry in Europe with 30% of worldwide hedge funds administered in Ireland. The experienced skill base and enabling infrastructure strengthens Ireland’s position as the leading choice for this activity”, he added.

BISYS also employs over 400 people in its Dublin operations, which provide administration services to an international client base. Its alternative investment business has over $200 billion in assets under administration with the Dublin operation contributing $US38 billion of this total.

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Notes to Editors

The BISYS Group Inc. is headquartered in New York and employs 5,200 people worldwide. Its products and services are provided through three principal business groups - BISYS Investment Services, BISYS Insurance and BISYS Information Services.

In 2002, The BISYS Group acquired Hemisphere, a leading provider of outsourcing services for the hedge fund market, expanding its fund administration business. In 2004, BISYS had annual revenues of US$1,037.3 million, an increase of 11% on 2003.

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