16 October 2017
Find out more

Misys Asset Management sells back office business to Rhyme Systems

24 November 2003  |  6971 views  |  0 Misys new logo again

Misys Asset Management Systems has sold its UK back office products business to Rhyme Systems, a newly-created company formed by a £20 million MBO backed by private equity firm Primary Capital.

The new company is owned by the departing five-man management team and by Primary Capital. The Royal Bank of Scotland provides the majority of the debt funding.

Under the deal, Rhyme Systems acquires Misys' integrated settlement system Fiscal and back office software Quasar, both of which have a strong following in the UK market.

Chris Potts, formerly CEO of Misys Asset Management Systems, becomes CEO of Rhyme Systems. Approximately 150 staff will transfer from Misys to the new company, which will have offices in London, Birmingham and Nantwich.

Potts says: "This transaction allows us to take Rhyme Systems into an exciting new era as an independent group, building on our achievements to date."

Misys Asset Management Systems retains its Apollo and Eagleye products which it says will be at the core of its strategy to build businesses in both the institutional and private wealth sectors of the market. The firm will continue to exist as a wholly-owned subsidiary of Misys with offices in London, Paris, Luxembourg, Nice and Birmingham.

The vendor has appointed Clive Pedder as its new CEO. Pedder was most recently president and CEO of wholesale banking systems firm MPCT Solutions.

The sell off follows the sale of Misys Securities Trading Systems' UK, Japan and Hong Kong businesses to Paris-based GL Trade ealier this month. Misys says the total consideration for the two deals is £25 million.

Together these transactions represent a decisive move by the firm to exit non-core businesses.

Ivan Martin, CEO of Misys banking and securities division, comments: "Over the past two years Misys Asset Management Systems has increasingly concentrated its activities on the front-end of the investment process. Our strategy is to focus on specific, growth-oriented market sectors, so this is where the majority of our research and development activity in asset management has been placed."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

GL Trade buys Misys Securities' UK, Japan and Hong Kong businesses

GL Trade buys Misys Securities' UK, Japan and Hong Kong businesses

04 November 2003  |  7798 views  |  0 comments
Hanseatic Bank licenses Misys' Equation

Hanseatic Bank licenses Misys' Equation

28 October 2003  |  4852 views  |  0 comments
Misys to launch Swift Service Bureau

Misys to launch Swift Service Bureau

22 October 2003  |  4360 views  |  0 comments
Misys commits to platform independent, global processing model

Misys commits to platform independent, global processing model

21 October 2003  |  4693 views  |  0 comments
Misys Asset Management upgrades Apollo private client system

Misys Asset Management upgrades Apollo private client system

16 October 2003  |  5085 views  |  0 comments
Misys talks down prospects

Misys talks down prospects

01 October 2003  |  4642 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14301 views comments | 11 tweets | 3 linkedin
Taiwan's Far Eastern International Bank suffers malware attackTaiwan's Far Eastern International Bank su...
13027 views comments | 16 tweets | 22 linkedin
Monzo fends off suitors as current account upgrade beginsMonzo fends off suitors as current account...
8934 views comments | 17 tweets | 14 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
7836 views comments | 15 tweets | 20 linkedin
Ripple blockchain network hits 100-member markRipple blockchain network hits 100-member...
7564 views comments | 13 tweets | 13 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job