Misys is responding to buy-side need for an Investment Book of Record (IBOR) with its Sophis Value cross-asset, front-to-back-office investment management suite. The positioning of Sophis Value as a solution that enables firms to maintain an IBOR comes ahead of a wider product positioning and rebranding campaign that is expected to improve the alignment of all products, including acquired products such as Sophis Value, under the Misys brand.
The company’s promotion of Sophis Value as an IBOR enabler is based on the modular nature of the platform and its real-time positions and trades repository, which improves on attempts to create an IBOR using end-of-day data from order management or accounting systems.
Maan Bsat, head of Misys’ Buy-Side Business Solutions Group in North America, says: “Firms need a real-time repository of position data that can be used to feed multiple systems. This is the basis of an IBOR and a solution that Sophis Value has offered for some time, although without the IBOR label. As a cross-asset, self-contained, transaction-based system that captures real-time positions all the time and covers the full trade lifecycle, Sophis Value is a native IBOR. Once in place, the value of the IBOR can be unlocked by using it to enable business modules such as portfolio analytics, collateral management and reporting.”
Over the past couple of years, Misys has added incremental enhancements to Sophis Value, including improved reconciliation, trade processing and workflow tools that play into the IBOR proposition. By selling the software in modules, the company can meet mixed customer requirements, perhaps enabling only the modules needed for an IBOR, or helping firms to replace retired systems or grow into new business areas.
Rick McCarthy, head of Misys’ Buy-Side Sales in North America, says: “Sophis Value equips managers with an enterprise solution that forms the backbone of an institutional quality infrastructure. Without this type of infrastructure, an IBOR component would have to be built solely as a data-centric system, which would add to an organisation’s architecture and total cost of ownership. Although there are benefits with best-of-breed systems, we find a fully integrated yet modular approach offers a wider array of benefits to our customers.”
Misys has about 90 customers worldwide using Sophis Value and says the concept of creating an IBOR is gaining popularity among them. As Sophis Value is repositioned in the IBOR space, the company is working on a wider product repositioning and branding campaign that is expected to be rolled out in the next couple of months.