Charles River partners with Broadridge to reduce risk

Charles River Development has partnered with Broadridge Financial Solutions to help its clients reduce risk and improve productivity.

The company said the partnership with Broadridge will enable better integration with the SWIFT network in the Charles River Investment Management Solution (Charles River IMS). Institutional, wealth, asset owner and alternative investment firms use the Charles River IMS to manage more than $25trn in assets.

A recent SEC mandate to decrease settlement times from T+3 to T+2 is designed to enhance efficiency, reduce risk, and ensure a coordinated and expeditious transition to a shortened settlement cycle. With the migration to T+2, asset managers are challenged to manage settlement risk and ensure accurate records with custodians and prime brokers.

With this in mind, Broadridge’s SWIFT solution accelerates the adoption of industry standard ISO formats to facilitate timely settlement and accurate start of day positions in the Charles River IMS. Broadridge will support unlimited routing choices to send and receive messages across the SWIFT network, while Charles River will generate messages in ISO 15022/20222 formats and process SWIFT-formatted replies from custodians.

SWIFT messaging support provides investment managers and asset owners with a complete middle office solution, enabling clients to manage their entire trade life cycle using automated straight through processing (STP).

As a result of the partnership, Charles River’s buy-side clients will use SWIFT messaging to notify custodians of incoming trades, receive notifications from custodians confirming trade settlement, notify custodians of collateral transfer for margin calls and facilitate the transmission of start-of-day positions and transactions from custodians into the Charles River Investment Book of Record (IBOR).

“We have been working with leading providers of messaging and collateral management services to complete our middle office solution,” said Peter Lambertus, CEO, Charles River. “The alliance with Broadridge is an important step forward to help our clients reduce settlement risk and improve middle office productivity.”

Earlier this year, Broadridge Financial Services enhanced its Performance Reporting platform by partnering with StatPro. The FinTech formed a strategic partnership with StatPro Group, a provider of cloud-based portfolio analytics and asset pricing services for the global asset management industry. This will enhance existing Broadridge Performance Reporting platform, which allows clients to receive customised daily performance calculations.

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