Virtus Partners live with new lending platform from Misys
Texas-based asset administrator, Virtus Partners, has gone live with new back office lending system, FusionBanking LoanIQ, supplied by Misys.
The new platform supports full-service agency administration and bank portfolio loan administration. It covers SME, commercial and syndicated lending.
The contract was signed in November last year. The implementation work took around three months and came under budget, according to Misys.
The new platform includes Misys’ FusionFabric technology architecture and API integration.
FusionBanking LoanIQ enables Virtus to expand its agency administration services to include document tracking, compliance monitoring, loan making, syndication and distribution, says the vendor. On the technical side, the product facilitates the assimilation of market data and straight-through processing (STP) within Virtus’ trade settlement platform.
Robert Tomicic, partner and co-founder at Virtus, says the company “surveyed the landscape” before settling for Misys. The Virtus team concluded that FusionBanking LoanIQ “was the most complete solution from an agency perspective for fund accounting and administration, settlements, performance service and loan services.”
Virtus was set up in Texas, in 2005. It currently has more than $220 billion of assets under administration (AUA) and provides alternative asset administrative, middle office services and data to funds and various investment vehicles. It has 200+ employees in Houston, Austin, New York, Shanghai and London.