Charles River Forms Business Alliance with Broadridge to Enable Clients to Reduce Risk and Improve Productivity
August 14 2018 - 8:30AM
Business Wire
Expands SWIFT Capabilities in Charles River IMS
Charles River Development and Broadridge Financial Solutions,
Inc. (NYSE:BR), have formalized a business alliance to enable
better integration with the SWIFT network in the Charles River
Investment Management Solution (Charles River IMS).
The 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. Broadridge’s SWIFT solution, which is used by
more than 100 clients globally, 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, process
SWIFT-formatted replies from custodians, and provide seamless
application workflow support.
Together with Charles River’s collateral management, post-trade
processing and settlements, IBOR, and GIPS-compliant PMA, expanded
SWIFT messaging support provides investment managers and asset
owners with a complete middle office solution, enabling clients to
take advantage of a single system to manage their entire trade life
cycle using automated straight through processing (STP).
“At Broadridge we drive innovation and develop solutions that
allow our clients and business partners to get ahead of today’s
challenges and capitalize on tomorrow’s opportunities,” said
Alastair McGill, General Manager, Broadridge. “As a leading SWIFT
partner and global service bureau provider, we will enable Charles
River’s buy-side clients to seamlessly integrate with the SWIFT
network. Additionally, the highly configurable workflow and routing
options within FinMApp ensure we can optimize Charles River’s
clients’ operational processing to deliver significantly improved
control.”
“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.”
The alliance ensures Charles River’s buy-side clients can 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).
About BroadridgeBroadridge Financial Solutions, Inc.
(NYSE:BR), a $4 billion global fintech leader and member of the
S&P 500, provides investor communications and technology-driven
solutions for broker-dealers, banks, asset managers and corporate
issuers globally. Broadridge’s investor communications, securities
processing and managed services solutions help clients reduce their
capital investments in operations infrastructure, allowing them to
increase their focus on core business activities. With over 50
years of experience, Broadridge’s infrastructure underpins proxy
voting services for over 50 percent of public companies and mutual
funds globally, and processes more than $5 trillion in fixed income
and equity trades per day. Broadridge employs approximately 10,000
full-time associates in 18 countries. For more information about
Broadridge, please visit www.broadridge.com.
About Charles RiverInstitutional, wealth, asset owner and
alternative investment firms use the Charles River IMS to manage
more than $25 Trillion in assets. The Charles River IMS is
delivered in a private cloud via Software as a Service (SaaS) and
includes portfolio decision support, order management, trading,
compliance, post-trade settlement, IBOR, performance measurement
and attribution, risk, collateral management, data provisioning,
data management and other front and middle office capabilities.
Headquartered in Burlington, Massachusetts, Charles River
supports over 300 clients in more than 40 countries with 750
employees in 11 regional offices. For more information, please
visit www.crd.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180814005077/en/
Charles River Media Contact:Mary Masi-Phelps, +1
781-425-6155marymasi-phelps@crd.com,orBroadridge Media
Contact:Prosek PartnersMatthew Luongo, +1
646-396-0966mluongo@prosek.com
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