Five years ago

What made the news on 8 February 1999

US administrator targets high-cost funds One of the largest third-party administrators was targeting intermediaries and the UK unit trust industry. Bisys Fund Services was looking to cut back costs across UK funds and establish a trend towards unbundling within the industry. Fidelity estimated in the UK it cost up to £15 to set up one Pep, excluding any marketing and sales cost. In the US the equivalent cost, through the use of greater automation including the internet, was around 50 cents. Bisys administered more than $230bn in North America and in the first week of February 1999 it ...