Fiserv has acquired the correspondent clearing business unit belonging to Investec Ernst & Company. The projected revenues of the unit for 2002 are projected at $20 million.

"With this latest acquisition, Fiserv continues to enhance our servicing capabilities and processing volumes for the securities industry, while expanding our base of retail and institutional broker-dealer clients," stated Leslie Muma, president and ceo of Fiserv. "This expansion of our client base through additional institutional broker-dealers brings added depth to our securities processing business. In addition, we're gaining processing volumes, which is key to success in this industry sector."

"Fiserv Securities recently expanded its offerings in the institutional market," added Bob Beriault, president and coo of the Fiserv Securities & Trust Services Group. "Now this acquisition brings to Fiserv Securities a substantial new institutional client base."

As part of the deal, Fiserv will acquire Investec's New York City base as well as the 20 customer support personnel who work there. 

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