Burlington, MA, London, Melbourne and Singapore - January 19, 2006 — Charles River Development, a market leading provider of investment management and software services, today announced its fifth consecutive year of double digit revenue and net-income growth. The firm added 55 new clients globally and significantly expanded 12 existing contracts for the Charles River Investment Management System (Charles River IMS). The new contracts represent a variety of market segments including banking, insurance, mutual funds, hedge funds, wealth management, and institutional asset management as well as further penetration of the Brazilian, Italian, Japanese, Scandinavian, South African, and Swiss markets. Charles River clients range from small hedge funds to large, multi-national asset managers; these firms collectively manage over $12 trillion in assets.
In addition to signing new clients, Charles River brought a total of 42 new clients live on its integrated system in 2005 by completing over 27 fixed income implementations and over 28 equity implementations. Implementations for straightforward needs and traditional workflows occurred as rapidly as three weeks; large global implementations across multiple desks and geographic regions were completed in phases to roll out functionality as prioritized by each client. Charles River has never had a failed implementation.
2005 marked the release of Version 8 of Charles River IMS, a front- and middle-office software suite for portfolio management (Charles River Manager), order management and electronic trading (Charles River Trader), real-time compliance monitoring (Charles River Compliance), and the centralized management of trade matching, confirmation, and settlement workflow (Charles River Post-Trade). Released in November 2005, 70 client firms are currently upgrading to Version 8 to take advantage of the hundreds of functional enhancements and new features. The release also marks the completion of Phase Three of the firm’s Four-Phase technology strategy to deliver a distributed, service-oriented architecture (SOA) encompassing best-of-breed technologies such as Java, J2EE, Microsoft .NET, and Web Services.
"The breadth of regional and market segment acceptance from clients around the globe clearly demonstrates our ability to deliver software and services which are flexible, open, technically advanced, easy to use, and able to support all security types, user preferences, and workflows," said Peter Lambertus, president and CEO at Charles River Development. "As we close in our 200th buy-side client, it is clear why Charles River continues to maintain a natural leadership role in the global marketplace."