State Street Corporation has acquired investment management software developer Charles River Development for an undisclosed amount.
Through the acquisition, Charles River’s front and middle office SaaS capabilities will be combined with State Street’s own offerings, to build a comprehensive end-to-end interoperable buy-side platform.
The integration will allow clients to use different supplier components and services when desired. Charles River will continue to support its clients, as well as offer an extended range of capabilities.
Massachusetts-based Charles River develops software to automate front and middle office processes of institutional, wealth, asset owner and alternative investment firms.
Its services include portfolio decision support, order management, trading, compliance, post-trade settlement, IBOR, performance measurement/attribution, risk, collateral management, and data management, among others.
The platform also offers its clients with a selection of regulation tools to help keep compliance with MiFID II. By using Charles River clients can monitor gross or net exposures to any attribute, currency, issuer or counterparty.
Its service also provides ‘what-if’ compliance analysis, pre-trade, post-execution and end-of-day compliance validation, and compliance tolerance level maintenance.
State Street Corporation is a fellow technology provider for investment firms and asset managers. The platform offers a single location for investment servicing, management, research and trading, and is currently active in 100 geographic markets.
It offers a range of different solutions available including electronic trading, foreign exchange trading, portfolio management, securities lending, fund administration, portfolio analysis, and compliance tools, among others.
Charles River CEO Peter Lambertus said, “The synergy between our firms provides the market with a major new differentiating offering that will change the way the buy side operates,” “State Street’s commitment to investment in R&D is also a big plus.
“In today’s SaaS technology environment, Charles River’s hosted platform provides for up-to-date software, data provisioning, management, open integration and optimal operations which relieves clients of the cost and burden of on-premises operations. These SaaS capabilities will play a major role in the overall end-to-end offering.”
Earlier in the month, the Investment Association opened the gates to applications for its new FinTech accelerator, which looks to support the asset management industry.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
