Technology company Rhyme Systems was officially launched today following a £20m management buy-out of the UK asset management operations business of Misys Asset Management Systems.
The new company, specialising in helping buy-side firms, is backed by private equity firm Primary Capital, with the Royal Bank of Scotland providing the majority of debt funding. The five-strong management team co-owns the company with Primary.
Chief executive Chris Potts will lead Rhyme Systems. He was formerly chief executive of Misys Asset Management Systems.
The company will have offices in London, Birmingham and Nantwich. It is expected that approximately 150 staff will transfer from Misys to Rhyme Systems.
Under the deal, Misys Asset Management Systems will focus entirely on its front and middle office `wealth manufacturing' services and products. Clive Peddler has been appointed as its new chief executive.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
