- Charles River IMS Program Trading and Compliance Functionality Key Factors in Selection -
BURLINGTON, MA – September 28, 2004 — Charles River Development, a leading provider of financial software and consulting services to the global investment management community, today announced that World Asset Management has selected the Charles River Investment Management System (Charles River IMS) to support the management of more than US $15 billion in equity and fixed income assets.
World Asset Management is a Michigan-based division of Munder Capital Management specializing in quantitative investment management services. World Asset Management, in business since the mid 1970’s, provides clients complete market exposure, both domestic and international, using index portfolios. The firm is responsible for more than 150 client relationships consisting of municipalities, corporations, Taft Hartleys, endowments and foundations and serves as investment advisor or sub advisor for certain index products of Summit Investment Partners, E*Trade, Calvert, Comerica Bank, and the Munder Funds.
Charles River IMS, an integrated, front and middle office suite for portfolio management (Charles River Manager), order management (Charles River Trader), and real-time securities compliance (Charles River Compliance), will support World Asset Management’s index business, as well as the mutual funds it sub-advises for Munder Capital Management. In addition to interfacing with the Advent Axys accounting system to improve processing and reporting times, Charles River IMS’ Program Trading functionality and flexible compliance set-up were key factors in World Asset Management’s decision.
"Our index strategies investment process seeks to minimize total transaction costs, maintain a fully invested status and minimize tracking deviations. In most situations full replication is the best approach, and for many years we have relied on a custom list trading solution to support our continual product rebalancing efforts," said Todd B. Johnson, CEO at World Asset Management. "As our business continues to grow and our portfolios’ expand we recognize the need for a more scalable, proven investment management system."
"We chose Charles River IMS for several reasons. The system’s Program Trading functionality is the strongest among trading systems we reviewed. In addition, its electronic order execution and comprehensive compliance rules library and rule-builder capabilities, and support for all asset classes best prepares us for the future," continued Johnson. "Charles River IMS is also used by Munder Capital Management, of which we are a division, so the decision was much easier from a contractual standpoint as well."
"Additionally, Charles River’s compliance rule library offers us the broad international rules coverage we require as managers of domestic and international assets and enables us the opportunity to create and assign mandates based on prospectus guidelines or individual clients requirements," concluded Johnson.