Misys Banking Systems has released further details about its plans to consolidate three of the company's existing major products - Summit, Misys Opics and Misys IQ - into a new treasury and capital markets business.
Misys' plans to pool the resources of three previously separate teams were first previewed in a trading statement last week. The new business commences operations with immediate effect, says the vendor, with over 650 staff serving more than 270 customers across the globe - making it a world leader in the sector.
The organisation will be led from New York by CEO Ed Ho, formerly CEO of Misys Opics and Misys Loan IQ. He is joined by CTO Vincent Aubrun, formerly of Summit, and Donal McGranaghan as head of development, among others. Peter Bennfors, former CFO of Summit, will now assume responsibilities as CFO for Treasury and Capital Markets.
Under the new arrangement, the Summit package will be renamed Misys Summit, making it an integral part of the Misys product family.
The subsumation of the Summit business has been on the cards for some time. Internal disagreements over the move led to the departures in January of Summit CEO Hervé Baulme and managing directors Xavier Bellouard and Georges Bory.
With responsibility for Misys Opics and Misys IQ transferring to the new business, Misys' Wholesale business will focus exclusively on pushing the core MidasPlus package and Trade Innovation product set. Clive Pedder, a former president and CEO of core banking systems vendor MPCT, has been appointed CEO of wholesale banking at Misys. The shift in responsibilities for Pedder follows previous stints as CEO of Misys Asset Management Systems and most recently as head of the Eagleye business.