The new businesses, Misys Asset Management Systems and Misys Securities Trading Systems, have been formed from ACT Financial Systems and the securities trading business of Misys International Banking Systems.
The new businesses will each employ approximately 300 people and are among the largest companies operating in their respective sectors worldwide. In the last financial year, revenues from Misys’ operations in the asset management and securities trading sectors accounted for approximately 20% of the Banking and Securities Division’s revenues of £349m.
This announcement follows the re-branding of Midas-Kapiti International into Misys International Banking Systems on 1 October 2001. The Banking and Securities Division now has three businesses operating under the Misys name and representing over 75% of the division’s revenues.
Commenting on the announcement, Misys Chairman Kevin Lomax said:
All of these changes are aimed at strengthening Misys’ position in the global banking and securities marketplace as well as increasing our focus on the different segments which make up this huge vertical market.
The requirements of each of these markets are different and need sector-specific strategies and skills in order to provide our customers with the technology and services they will need in the years ahead.
The worldwide increase in private pension provision, the increasingly global approach of investment managers, the growth of retail on-line brokerage and greater regulatory pressures mean that brokers and asset managers will have to make large investments in their front and back office systems over the next few years. We believe they will want to partner with companies like Misys which have the global reach and resources to help them implement their IT systems’ strategies.
This is the latest step in our drive to establish the Misys brand on a global footing. There is considerable advantage to be gained from leveraging more from the Misys name and increasing the clarity of our business activities for all of our customers.
