As giants like Citigroup, State Street Corp. and Bank of New York Mellon gobble up small fund-administration service providers, niche players are circling the wagons in hopes that they can compete by specializing. One of the newest is ISIS Fund Services, a tiny Bermuda-based firm formed last fall by a breakaway team of Citigroup alternative-investment specialists led by Ede Conyers, the founder and general manager of Forum Fund Services, also based in Bermuda, which was acquired by Citi in December 2003.
