Charles River Development

ClariVest Live in Three Weeks; Taps Charles River for Comprehensive, Fund Management Software and Service Solution

Charles River provides front- and middle-office software, ongoing remote application management, FIX network services and connectivity to institutional equity money manager

Burlington, MA, London, Melbourne and Singapore - May 8, 2006 — Charles River Development today announced that it has completed a three week implementation of its comprehensive front- and middle-office Charles River Investment Management System (Charles River IMS) at San Diego-based ClariVest Asset Management LLC (ClariVest), a recently established employee-owned institutional equity money manager. In addition, Charles River will remotely provide ongoing application management and support from a third-party hosting center. Charles River will also provide ClariVest with global, real-time FIX connectivity for electronic trading as well as ongoing FIX connectivity testing, certification and management. ClariVest manages US, international and global stock portfolios across the market-cap spectrum.

“Outsourcing the application management and hosting of Charles River IMS is a cost-effective way for us to secure all of the integrated tools, functionality and trading connectivity we require, without having to worry about maintaining the technical aspects in-house,’’ said Stacey R. Nutt, Chief Executive Officer of ClariVest Asset Management. ”It was important for us to launch our firm with a comprehensive order management system that supports US and international securities as well as our program and basket trading workflow. In addition, with Charles River IMS’s industry endorsed pre-trade and real-time compliance capabilities and extensive modeling and analytic tools, we are confident the ClariVest investment team will be able to fully optimize our trading and provide our clients with effective execution."

ClariVest was recently formed by senior members of the Systematic investment team that managed more than $5 billion in assets at Nicholas-Applegate Capital Management. ClariVest commenced operations with the launch of several portfolios investing in US and developed international equity markets. The firm’s investment approach blends bottom-up stock selection with rigorous portfolio construction and cost-effective execution. Charles River IMS is a market-leading software suite for all security types that provides enterprise-wide support for the life cycle of a trade—from portfolio management and modeling, electronic trading and real-time compliance to post-trade processing. The system incorporates real-time FIX trading via the Charles River Network, a reliable, secure, private financial network. ClariVest selected Princeton Financial Systems (PFS) (a State Street Company)

to provide hosting services and selected Charles River to provide remote application management of Charles River IMS. Charles River's Remote Application Management service provides ongoing management of the Charles River IMS software, database administration and FIX network connectivity—all via secure network connection—as well as Charles River IMS operational and technical support.

ClariVest also leverages Charles River’s interface to Mellon Financial’s Investment Manager Solutions group to facilitate and automate a breadth of post-execution processing services.