Magten Asset Management Corp. has completed installation of the Y2k-compliant version of Global Investment Systems' (GIS) Impact II portfolio management and accounting system. Officials at Magten will soon begin testing the latest flavor of GIS's software at its headquarters in New York. Impact, first installed at Magten in the early 1990s, has kept pace with the firm's asset base, which has swelled to over $1 billion.
Magten is an investment adviser representing some 50 to 60 high-net-worth accounts, dealing mostly in distressed securities and high-yield securities.
Basing his comments on his experience with GIS over the last seven years he's spent at the firm, Magten's Controller, Felix Kozodoy, does not anticipate any problems in testing the Y2k-compliance of Impact II. Under his watch last year, Magten served as a beta-site for the Microsoft Windows-based version of Impact II.