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Heather Frechette-Cr
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Charles River Continues Momentum with 26 New Contracts and 19 Completed Implementations

- Investment Management Community Continues to Favor Charles River for Integrated Solutions -

BURLINGTON, MA, LONDON and MELBOURNE, June 21, 2005 - Charles River Development, a market leading provider of global investment management software and services, today announced continued business growth in the United States, EMEA, and Asia-Pacific with the signing of 26 new contracts in the first six months of 2005. With over 165 investment management clients worldwide, Charles River continues to dominate the marketplace with its award-winning Charles River Investment Management System (Charles River IMS) and supplementary service solutions. The signed contracts, completed through June 20, are across all market segments including banking, insurance, mutual funds, hedge funds, wealth management, and institutional asset management; hedge funds and wealth managers represent Charles River's largest growth areas, currently representing 15% and 17% of Charles River's client community respectively.

Charles River IMS is a comprehensive front- and middle-office software suite for portfolio management (Charles River Manager), order management and electronic trading (Charles River Trader), and real-time compliance monitoring (Charles River Compliance). Some of the 26 firms that signed new contracts for the system this year include Cazenove Capital Management Limited, Asset Management Group of Bank of Hawaii, Nextra Investment Management Sgr, Stephens Investment Management, Diamondback Capital, Generation Investment Management LLP, Osterweis Capital Management, and Water Island Capital.

"We are seeing a growing interest in our products and services from asset managers who want to streamline their trade workflows and automate operational processes. This is due in part to the increasing number of client and regulatory compliance guidelines and an overriding need to effectively manage trading costs," said Peter Lambertus, president and CEO of Charles River Development. "Charles River's experience and expertise in meeting the evolving technology needs, varying investment styles and disparate trade workflows of the global buy-side community uniquely positions us to deliver proven solutions with maximum functionality and flexibility."

In addition to acquiring new business, the firm completed 19 Charles River IMS implementations so far this year including ten in the United States, four in Asia-Pacific, and five in EMEA. Some of these implementations include Atticus Capital, LLC, Legg Mason Trust and Legg Mason Investment Counsel, PRP Performa Limited Ltd., and Straits Lion Asset Management.

The organization is the recipient of numerous industry awards including: Top Compliance System 2005 / Global Investor magazine, Best Buy Side OMS / Waters Awards 2004, Best OMS / Waters Reader Rankings 2004, Top OMS System 2004 / Global Investor magazine, Vendor of the Year 2004 / Operations Management newsletter.