London, 3rd March 2006: Rhyme Systems today announces the signing of a new three year contract with Fiske Plc for its 'Altimis' software. Fiske is Rhyme's fourth new-name Altimis customer in the last twelve months.
Altimis is a web-enabled system for all aspects of stockbroking and investment management, offering a truly integrated, straight-through approach to the entire dealing and investment process. Altimis functionality includes order management, RSP connectivity, CGT, performance measurement, Crest settlement, client reporting and document warehousing and management.
Fiske plc is one of the few remaining independent stockbroking firms in London and is listed on the AIM market. It provides a range of services to private investors as well as corporate and institutional clients including trustees, charities, pension funds and their professional advisers.
Under the terms of the agreement Rhyme will provide Altimis to Fiske for an initial minimum period of three years via an ASP service. Rhyme's ASP model provides a fully hosted, managed service with business continuity and disaster recovery.
Gerard Luchini, Director of Fiske Plc, said: "The wealth and depth of functionality provided by Altimis covers straight-through-processing from order management to transaction reporting and automated settlement. It will enable Fiske to streamline the front and back office processes and will deliver the ability to reduce costs.
"We set high standards when we embarked on our selection process. We evaluated the major vendors' products, discounting many very quickly, and Altimis was the one to meet our requirements. The fact that we have taken Altimis on an ASP service allows Fiske to concentrate on its investment management activities and not IT."
Bob Whigham, Director of Rhyme Systems, commented: "This is an important deal for Rhyme as it consolidates our position in the highly-competitive stockbroking arena. We will provide front to back office functionality to support Fiske's highly client-centric approach to investment management."
Piers Farbrother, Sales Executive of Rhyme Systems, added: "Rhyme and Fiske have worked together to ensure that Altimis will provide Fiske with the flexibility, but exacting functional standards, required to support its current and future business requirements. This agreement is certainly at the forefront of today's market requirement to reduce the cost per trade. Altimis undoubtedly reduces the cost of IT ownership for Fiske via our ASP service.
"Over the past 12 months Altimis has become the de facto solution when it comes to ASP services for the stockbroking community. Rhyme's significant investment over the past two years is now attracting new partnerships with an exciting mix of UK and overseas investment managers. We look forward to securing additional contracts in the coming months."