Gnupur, an Iceland investment company, has signed a deal with Misys, a treasury and capital markets solutions provider, to implement its Misys Summit ASP hosted service. The deal, announced yesterday, will create new revenue opportunities for the firm and support its growth domestically and overseas, the firms say.
Misys Summit ASP is the web-hosted version of the software provider’s Summit FT treasury solution and offers rapid delivery along with trader tools and risk management for handling all instrument classes front-to-back, according to Misys. The solution will enable the wealth management firm to automate processing and provide complete management over the trade lifecycle. Gnupur is now projecting a dramatic fall in the time spent by its investment advisors inputting trade data. Automating the trade process will reduce the operational risks associated with manual data entry.
Significantly, the wealth of coverage provided by hosted system will allow Gnupur to expand its trading coverage of complex instruments and allow Gnupur to extend functionality as the market grows.
Commenting on the move, P?rhallur J?hannsson, managing director risk management for Gnupur, says, “We have ambitious plans for growth in Scandinavia and the UK, and implementing the right front-to-back solution across various instruments is essential for achieving our income and profitability targets. Our challenge was to find a partner that would implement in a short timeframe and give us the scalability we will need for future growth domestically and abroad.” J?hannsson continues, “When we looked at the market, the Misys Summit ASP platform was the only solution that met all of our needs. Having a safe and secure environment for trading, with no hardware costs, is also good for our reputation.”
Bent Winkel, an account manager with Misys treasury and capital markets business, brokered the deal. He add, “Misys Summit ASP solutions already support a large international community of hedge funds, smaller banks and corporate treasury departments. We’re looking forward to helping the business achieve its growth targets.”