Market Investment Solutions Inc. has unveiled an accounting and reporting software system designed for the investment management needs of financial institutions.
Called Investment Accounting and Reporting, the software is an on-line, personal computer-based accounting system for portfolio management and regulatory reporting.
The system is able to track a range of investment products, including mortgage derivatives, collateralized mortgage obligations, treasuries, and preferred and common equities.
Patrica McGinnis, a consultant at the Tower Group in Wellesley, Mass., said banks need these types of systems to handle the paperwork that accompanies internal and regulatory reporting tasks they are required to perform for their securities operations.
"It is our understanding that the banking industry has been looking for a powerful and integrated investment solution, and we believe that this system meets that need," said Kathryn Ingerly, president and chief executive officer of MIS Inc.
"This system automates the often tedious and manual process of regulatory reporting."
Ms. Ingerly said MIS Inc. is aiming the system at investment managers, accountants and asset liability managers in depository institutions with medium volume investment operations.
The system offers full regulatory compliance to apply to all accounting principles as well as to user-defined requirements. It also allows users to measure portfolios against index returns.
Based in Aurora, Colo. MIS Inc. plans to ship the product by the end of the first quarter.