Charles River Development, the US-based provider of order management and compliance systems to fund mangers, says Mellon Financial Corporation has bought its Investment Management System (Charles River IMS) to support $390 billion in asset management operations at three of the corporation’s North American businesses.
In November 2003, Mellon Financial signed an agreement to implement Charles River IMS to support fixed income asset management, trading, and compliance operations at the Dreyfus Corporation in New York City, as well as Mellon’s Private Wealth Management Group in Boston, Massachusetts and Standish Mellon Asset Management in Boston, Massachusetts and Pittsburgh, Pennsylvania. The Dreyfus Corporation also uses Charles River to support its equity asset management compliance operations. Charles River IMS will serve more than 175 employees across the three businesses when the implementations are completed in 2005. Managed assets include domestic and global institutional fixed income products, bond index funds, enhanced short-term investments, municipal bonds, insurance company assets, and stable value products.
“Our goal during the RFP and evaluation processes was to find a solution that offered comprehensive fixed income functionality while offering flexibility in the area of compliance setup to meet the individual requirements of each business unit,” says Brad Skapyak, Mellon Financial program manager for the Charles River IMS implementation.
Each business chose to deploy Charles River IMS in a multi-phase process beginning with Charles River Compliance – Charles River’s global, real-time, pre-trade, post-execution, and portfolio-level compliance monitoring module. The Dreyfus Corporation, Mellon’s Private Wealth Management Group, and Standish Mellon Asset Management completed the initial implementations of Charles River Compliance in the third quarter of 2004. To date, Dreyfus’ taxable money market, Standish Mellon’s short-term, and taxable desks at Mellon’s Private Wealth Management Group have completed full implementations of Charles River IMS. In addition to Charles River Compliance, Charles River IMS includes Charles River Manager for portfolio management and Charles River Trader for order management and electronic trading.
“We appreciate Charles River IMS’ connectivity with electronic execution and liquidity sources which allows traders to interact with third-parties directly from the trading blotter,” says Skapyak. “The ability to do so helps streamline workflow and mitigates the risks associated with manual processes and human error. Also, Charles River IMS’ alliance with Trade Web is especially important to Mellon’s Private Wealth Management Group, as is the system’s Mortgage TBA functionality to Standish Mellon Asset Management. In addition the three businesses manage and trade a wide range of fixed income instrument types, each guided by specific account guidelines and business models. The differences in their strategies prompt each business unit to observe various combinations of regulatory rules and client mandates. Charles River IMS offers the benefits of a common platform while giving each business an effective tool to meet unique trading and compliance reporting requirements.”