Charles River Says Sales Of Its Order Management And Compliance Systems Are Booming Among Hedge Funds And Wealth Managers

Charles River Development says it has signed up 26 new clients for the Charles River Investment Management System (Charles River IMS) in the first six months of 2005, taking its client base to 165 firms around the world. The new

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Charles River Development says it has signed up 26 new clients for the Charles River Investment Management System (Charles River IMS) in the first six months of 2005, taking its client base to 165 firms around the world.

The new contracts have come from banks, insurers and wealth managers as well as mutual and hedge funds, and institutional asset managers. Charles River says hedge funds and wealth managers are its fastest growing client segment, representing 15% and 17% of Charles River’s client base respectively.

The new clients include Cazenove Capital Management Limited, Asset Management Group of Bank of Hawaii, Nextra Investment Management Sgr, Stephens Investment Management, Diamondback Capital, Generation Investment Management LLP, Osterweis Capital Management, and Water Island Capital.

“We are seeing a growing interest in our products and services from asset managers who want to streamline their trade workflows and automate operational processes,” says Peter Lambertus, president and CEO of Charles River Development. “This is due in part to the increasing number of client and regulatory compliance guidelines and an overriding need to effectively manage trading costs. Charles River’s experience and expertise in meeting the evolving technology needs, varying investment styles and disparate trade workflows of the global buy-side community uniquely positions us to deliver proven solutions with maximum functionality and flexibility.”

In addition to the new business, the firm has completed 19 Charles River IMS implementations so far this year, including ten in the United States, four in Asia-Pacific, and five in EMEA. The new implementations include Atticus Capital, Legg Mason Trust and Legg Mason Investment Counsel, PRP Performa Limited Ltd., and Straits Lion Asset Management.

Charles River IMS performs portfolio management (Charles River Manager), order management and electronic trading (Charles River Trader), and compliance monitoring (Charles River Compliance).

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