Financial Research Corporation, the research body that became a subsidiary of Bisys Fund Services five years ago, has announced that its founder and president is moving on. As of June 1, Neil Bathon will be replaced as president by Mark Phillips, former manager of ADP Retirement Services, who has served as senior vice president of strategy at Bisys Fund Services since January.

According to Jim Nolan, executive vice president at Bisys Fund Services, Bathon's handing over to Phillips has been in the works for several months. "Internally, it's not much of a change," he said.

The management changeover will be smoothed by an agreement whereby Bathon, who started FRC two decades ago and now plans to explore new business possibilities, will remain involved with the company as a consultant into next year. "Mark has been working closely with Neil in the last couple of months. With Neil's help we created this transition plan," Nolan said.

He noted Bisys Fund Services is pleased with FRC and suggested the subsidiary is open to opportunities going forward. "I think, as Mark gets acclimated to the business, they're going to be looking at other business development and growth," he said.

Phillips finished a 12-year run at ADP in March 2005, and then helped The Keane Organization, a West Conshohocken, Pennsylvania-based provider of compliance solutions, develop services for a Qualified Plan Solutions unit. Nolan pointed out that Phillips' managerial experience made him a strong candidate for the FRC leadership role.

"Neil has wanted to separate himself from the business and go on to other things," Nolan said, adding that this is "no surprise" for those who know the founder's entrepreneurial bent. The 401kWire has learned Bathon has plans for a new consulting-oriented venture aimed at a more focused group of clients.  

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