At a reception held at the Wharf Restaurant on Tuesday, BISYS, a leading provider of outsourcing solutions for the financial service sector announced its agreement to acquire RK Consulting LLC and its subsidiary, RK Consulting (Cayman Ltd).
According to a BISYS report both entities are providers of investment fund administration services to the hedge fund and private equity industries, both onshore and offshore.
BISYS Junior Executive Vice President Robert Jones, said ‘We believe it is important to have a significant presence here in the Cayman Islands, and we feel fortunate to welcome RK Consulting to BISYS, as it will give us the competitive edge we need in this important offshore jurisdiction. We feel that the Cayman Islands will continue to be the offshore jurisdiction of choice, as evidenced by the number of offshore funds registered here each year, for the foreseeable future. We are happy to retain Mr. Peter Young as the Chief Executive Officer for our Cayman operations. As Managing partner for Rothstein Kass, (Cayman) CPAs and Rk Consulting (Cayman) Ltd, Mr. Young is well suited to pursue our various goals her in the Cayman Islands.’
Mr. Jones further noted that BISYS will be looking at further involvement in the financial services industry as the opportunity presents itself.