Charles River Launches Wealth Hub Utility to Streamline Sponsor/Manager Communication
October 05 2020 - 9:00AM
Business Wire
Charles River Development, a State Street Company, today
announced the launch of Charles River Wealth Hub (Wealth Hub), a
communications platform that connects managed account program
sponsors and their asset manager distribution partners through a
secure network environment. Wealth Hub is delivered as a
cloud-based service using Microsoft® Azure.
Wealth Hub serves both model-based and discretionary separate
account managers as well as the wealth management organizations
that operate separate account and unified managed account programs.
It streamlines operational interactions between asset managers and
wealth management sponsors, and enables sponsors to provide
advisors with access to a broad selection of separate account
investment strategies.
“Launching the Wealth Hub is an important milestone in the
evolution of Charles River’s wealth management platform, one that
opens up industry-wide possibilities. We believe that our
principles-based, open architecture approach to separate account
operations will help alleviate procedural bottlenecks and
facilitate much wider distribution of asset managers’ investment
products across the industry,” said Randy Bullard, Global Head of
Wealth, Charles River.
Wealth Hub’s integration with leading separate account industry
technology platforms and service bureaus enables operational
connectivity to a wide range of wealth management programs. Firms
can connect to the Wealth Hub via an API or a web-based interface.
Wealth Hub will also be integrated with State Street AlphaSM, State
Street’s open, front-to-back investment servicing platform, for
managers interested in outsourcing certain aspects of portfolio
servicing.
According to Bullard, “By collaborating with industry
competitors and providing free access to asset managers, we hope to
level the playing field and open up new channels for information
sharing across the industry, while also reducing the operational
cost and complexity historically associated with separate accounts.
The Wealth Hub is already a critical piece of the larger industry
separate account ecosystem, and its importance will grow as we
on-board additional program sponsors and asset managers.”
About Charles River, A State Street Company
Investment firms, asset owners, wealth managers, hedge funds and
insurers in more than 30 countries rely on Charles River’s front
and middle office investment management platform to manage more
than US$29 Trillion in assets. Together with State Street’s middle
and back office capabilities, Charles River’s cloud-deployed
software technology forms the foundation of State Street Alpha℠.
The Charles River Investment Management Solution (Charles River
IMS) is designed to automate and simplify the institutional
investment process across asset classes, from portfolio management
and risk analytics through trading and post-trade settlement, with
integrated compliance and managed data throughout. Charles River’s
growing partner ecosystem enables clients to seamlessly access
external data and analytics, applications and liquidity venues that
support the unique demands of their product and asset class mix.
Headquartered in Burlington, Massachusetts, we serve clients
globally with more than 1,000 employees in 11 regional offices.
(Statistics as of April 2020) For more information, please visit
www.crd.com.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $33.52 trillion in assets
under custody and/or administration and $3.05 trillion* in assets
under management as of June 30, 2020, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street’s website at www.statestreet.com.
*Assets under management as of June 30, 2020 includes
approximately $67 billion of assets with respect to which State
Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as
marketing agent; SSGA FD and State Street Global Advisors are
affiliated
State Street Corporation, One Lincoln St, Boston MA 02111
3267244.1.1.AM.RTL
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version on businesswire.com: https://www.businesswire.com/news/home/20201005005540/en/
Media: Mary Masi-Phelps marymasiphelps@crd.com
781-425-6155
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