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Rhyme Systems reaches first year with prediction of six per cent growth in back office focus

London 2nd December 2004: This week marks the successful first year anniversary of Rhyme Systems since its formation 12 months ago following a £20 million management buy-out from Misys Asset Management Systems and predicts six per cent growth in back office investment over the next 12 months.

Rhyme Systems specialises in helping UK and international investment firms unlock the hidden value of the back-office. Over the past 12 months, Rhyme has transformed the functional value of the back office and is committed to helping buy-side firms extend the value of the back office across the business through the innovative use of software.

Chris Potts, CEO of Rhyme Systems, comments: "After several years of static markets we are seeing renewed confidence in investment in the back office and operations areas of the industry. This follows a slow return of believe in the markets, pressure on infrastructure from a lack of investment in the past few years and increased regulation and market changes."

"Our objective was to change the perceptions of the back office function and encourage fresh thinking to maximise our clients return on investment in this critical function of their business. We feel we have certainly achieved this, which is illustrated in our end of financial year results with total revenues of £19 million, slightly ahead of our business plan," Potts continues.

Rhyme's products include Quasar, an investment operations product to support collective investments instruments, Fiscal, a functionally rich, multi-currency, multi-firm settlement system, and also Arrow, which provides a functionally rich real-time CREST interface solution offering the broadest possible functionality. Rhyme's clients include Brewin Dolphin, M&G, Jupiter, Coutts and Rathbone.

"We are certainly continuing to pursue our aim of being the best established investment operations systems provider in the UK and currently hold over fifteen per cent of the market share," adds Potts.

The recent months have seen new contracts with Generali International signing for Quasar 6 and HBOS, as well as Rhyme leading the way for industry changes including the European Union Savings Directive (EUSD) seminar hosted earlier this year.

Bob McDowall of Bloor Research, comments: "The fund management will continue to face pressures to reduce costs and increase the efficiency of their business. Fund management is the main channel through which investors access the markets. Rhyme through its products and services continues to take a leading role in enabling the fund management industry to do this, especially in the UK markets."