Misys UK Asset Management Operations Relaunched as Rhyme Systems
Rhyme Systems has been launched following a £20 million management buy out of the UK asset management operations business of Misys Asset Management Systems. Rhyme Systems hopes to unlock the value of the back office, which it describes as ‘the hidden star of the asset management world’. The new company is owned by the departing five-man management team and private equity firm Primary Capital. The Royal Bank of Scotland provided the majority of the debt funding. The management team is led by Chris Potts, formerly the Misys Asset Management Systems CEO, now CEO of Rhyme Systems. Around 150 staff will transfer from Misys to Rhyme Systems. Under the agreement, Misys Asset Management Systems will continue to exist as a wholly owned subsidiary of Misys, focusing on its front and middle office ‘wealth manufacturing’ services and products.