Charles River Development (Charles River), an award-winning provider of financial software and services to the global investment management community, announced that Waddell & Reed Investment Management Company and its affiliates, which combined have $47.6 billion in assets under management, are live on the Charles River Investment Management System (Charles River IMS) and Charles Rivers Application Management application.
Over 60 Waddell & Reed users now benefit from enhanced decision support, streamlined trade order management, and real-time, pre-trade compliance monitoring on a single integrated platform. Waddell & Reed also leverages the broker-neutral Charles River Network and FIX (Financial Information eXchange) Administration for real-time global electronic trading via FIX. Waddell & Reed has seamless access to 50 of its preferred broke r-dealer destinations via the network, and plans to increase connectivity to 100 sell-side providers in the near future.
Phase One, delivered on-time and on-budget, is the initial stage of a three-phase project which is part of Waddell & Reeds initiative to implement a centralized system to streamline workflows and gain significant efficiencies in portfolio management, trading and compliance monitoring. The implementation completes the Phase One rollout of Charles River IMS across Waddell & Reeds four equity desks, including domestic and international securities, derivatives and foreign exchange (FX). During the next phase, Waddell & Reed will implement Charles River IMS across its money market desk, while Phase Three will focus on its fixed Income operations.
Waddell & Reed is using Charles Rivers Application Management outsourced solution, based on clients unique needs. Waddell & Reed receives 24×7 application management and support, including alert notification, performance monitoring and tuning and user administration.
As a fundamental investment management firm, we are continually focused on achieving long-term success, says Larry Cipolla, senior vice president and chief operations officer for Waddell & Reed Investment Management Company and Ivy Investment Management Company. Charles River allows our investment professionals to easily trade and monitor any security in real time with greater confidence. Charles Rivers services also provide day-to-day system monitoring, rendering real savings over the cost of a full-time internal IT resource.
The Charles River Network, which is fully integrated with Charles River IMS, directly connects Waddell & Reeds traders to its sell-side brokers and other global trading venues allowing them to handle larger trade volumes, gain new FIX capabilities across multiple asset classes and access algorithmic strategies of their choice and new liquidity destinations. Waddell & Reed subscribes to Charles Rivers FIX Administration for proactive administration, monitoring and support of FIX software and connectivity.
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