Misys has overhauled its banking and securities division in response to the continuing difficult climate for banking software sales.
The vendor has put in place a new structure and management team in an effort to "sharpen the focus of the Misys banking businesses on their respective banking software markets".
The new structure will create three new businesses in retail banking, risk management and wholesale banking. The move comes after Misys reported a downturn in license sales and reduced revenues at its largest division for the six months to 31 November 2002.
Under the restructuring, banking and securities will now comprise six businesses:
- Misys Asset Management Systems – comprising Apollo, Eagleye, Fiscal & Quasar;
- Misys Retail Banking Systems – comprising Equation & Bankmaster;
- Misys Risk Management Systems – comprising Risk Vision;
- Misys Securities Trading Systems – comprising Market Trader, Market Watch & Market Settlement;
- Misys Wholesale Banking Systems – comprising Midas, Opics, Trade Innovation, Meridian & eBanking;
- Summit Systems – comprising the Summit product
Misys has also made a number of key appointments, including the recruitment of Andrew White from Marlborough Stirling as CEO of the wholesale banking systems division. At Marlborough Stirling, White was COO and chief executive of the vendor's joint venture mortgage processing business with online bank egg. Between 1999 and 2002, he was COO of Corillian Corporation, a US-based provider of online banking software solutions.
Helen O’Dea has been appointed CEO of Misys risk management systems. She moves across from the Misys financial services division where she was CEO of AssureWeb and divisional strategic director. The chief operating officer will be Michel van Leeuwen, who joins from Algorithmics where he was managing director for Europe, the Middle East and Africa. He will initially take on responsibility for sales, sales support, professional services, financial engineers and marketing.
Ivan Martin will be acting CEO of Misys retail banking systems, supported by Paddy Meany who becomes chief operating officer.
In addition, four internal appointments have been made to a new divisional team. Barry Moloney will be finance director; Stephen Gowers becomes business development director; Gilles Acogny will be marketing and global accounts director; and Andy Oakes becomes commercial director.
Hervé Baulme, Chris Potts and Frank Walter continue as CEOs of Summit, Misys Asset Management Systems and Misys Securities Trading Systems respectively.
Alongside these change, the company is also creating a new global accounts team to seve larger customers across multiple vertical markets.
Ivan Martin, CEO of the Banking and Securities Division, comments: "These customers tell us that they will continue to focus their own capital spending on a departmental, rather than bank-wide, basis but that they want to reduce the number of vendors with whom they deal."