Misys – yes, Misys, not BISYS – has appointed Lexicon Partners and Dresdner Kleinwort Wasserstein to advise it on the business opportunities in mutual fund distribution in the United Kingdom. The systems provider, whose attempts in recent years to transform insurance product distribution via the web were not crowned with success, has also held discussions with a number life companies and fund managers.
“We believe that the recent announcement by the FSA and the ongoing Sandler Review are positive for the industry as a whole and Misys and its member IFA firms in particular,” says Kevin Lomax, the chairman of Misys. “Misys is committed to the ongoing growth and development of its IFA businesses, supported by the benefits of scale, financial strength and strong provider relations”.
The transition from systems provider to fund distributor and administrator is certainly not that odd a development, as the success in the field of US systems providers SEI and BISYS can attest.