London-based Advanced Banking Solutions has acquired the asset/liability management (ALM) and financial planning software business of Logica. ALM consists of ProfitMaster PRO (BankMaster PRO in the US) and PathMaster.
ProfitMaster PRO is an asset/liability management and planning solution that helps users manage interest rate risks in a changing environment. PathMaster is the integration component that facilitates the downloading of data from applications systems for analysis through ProfitMaster PRO.
Together, the products help financial institutions to make informed decisions on the best way to hedge a balance sheet and optimise investment and funding strategies. Some 57 customer sites are currently using the software, predominantly in the US and Spain.
Ray Cork, chairman, ABS, says the acquisition fits the company strategy to add complementary products and services to its existing portfolio and to grow its presence in the international financial community. He says ABS shortly will make a further acquisition in the asset and liability management software market.
Paul Nichols, president and CEO, Logica North America says the disposal of the ALM product will enable the company to focus on its core strenths in the retail and payments systems markets
Mike Irwin, managing director, ABS, says all ALM personnel will be retained and transferred to AB Solutions in New York to ensure business as usual for customers.