Sacramento, CA, August 1, 2012 – Administrative Systems Inc (ASI), a leading provider of benefit disbursements, tax reporting, and document printing solutions, today announced that Michael Panec has joined the company as Chief Operating Officer. Mr. Panec will oversee all operating activities including benefit payment processing, tax form reporting and document fulfillment. He will also be responsible for internal as well as client- facing technology development and infrastructure. Mr. Panec will report to Robert Hickman, ASI's President and CEO.
With over 30 years in the financial services industry, Mr. Panec was most recently co-founder and CFO of Innovest Systems, LLC, a leading financial technology firm that provides leading edge web-based and real-time trust and wealth management solutions in a secured environment. As an executive at Innovest Systems he was instrumental in helping the company attain more than $390 billion in assets with over 4 million client transactions processed a month.
Prior to Innovest Systems, LLC, Mr. Panec was one of the founding members of Optech Systems, LLC, a New York-based technology company which later became the joint venture Matrix Financial Solutions (MFS). MFS became one of the nation's largest providers of back-office, trust, custody, trading and mutual fund settlement services for more than 300 financial institutions representing $100 billion in assets through its trading and trust platform. Mr. Panec also held Vice President level management positions at Bankers Trust and Security Pacific National Bank.
"We are pleased to have Michael join our executive team," commented Mr. Hickman. "His superior track record of driving growth and profitability will be an asset to the organization. I am confident that Michael will lead our operations team to successfully achieve our aggressive business goals.
Mr Panec said, "ASI is an exciting company with a unique value proposition for the trust and wealth management industry. I look forward to being part of the ASI team and contributing to ASI's growth as well as working closely with our customers to provide them with the best service and user experience possible."
For nearly 40 years, Administrative Systems Inc (ASI) has been the leading provider of retirement plan benefit disbursements, tax reporting, document printing and other related services for some of the nation's largest banks, trusts and pension funds. ASI's solutions feature superior functionality, cost efficiency and unrivaled customer service. For information visit www.asipay.com.