NEW YORK - Bank of New York Co. has teamed up with Advent Software, Compaq, Microsoft, and Accenture to form Encompys Inc., a company that will develop an Internet-based straight-through processing system for the global asset management community.
Pimco, one of the world's largest fund managers, will be Encompys' first client.
Encompys, whose founders have invested $50 million, will develop a portal for managing all pre-trade and post-trade activities. It will also offer capabilities to handle customer relationship, enterprise resource, portfolio management, and compliance.
Bank of New York will provide Encompys with middle- and back-office trade execution, securities servicing support, and master record-keeping services. Accenture will supply consulting services, Advent the core applications, Compaq the servers and related hardware, and Microsoft the system software and portal applications.
George R. Trumbull, former chief executive of AMP Ltd. in Australia, has been named Encompys' chairman and chief executive officer. James P. Honohan, the Accenture partner responsible for its launch, is the acting president.