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MIR Investment Management Pty Limited Completes Charles River Upgrade, Adds Post-Trade Module and FIX Network

Charles River Development (Charles River), an award-winning provider of financial software and services to the global investment management community, today announced that MIR Investment Management (MIR), a leading independent Australian-based asset manager, is now live on all modules of the Charles River Investment Management System (Charles River IMS), as well as the broker-neutral Charles River Network for global electronic trading via FIX. MIR leverages Charles River’s products and services for its value-driven, long-only and long-short Australian and Asian equity fund management operations.

In 2006, MIR implemented Charles River Manager, Charles River Trader and Charles River Compliance to support the firm’s mandate of using cost-effective technology. “The Charles River solution meant that our investment management staff could stay focused on investing, rather than managing multiple processes and systems,” said Armik Ayoubdel, Head of IT Solutions and Dealing, MIR. “That continues to be the case today. Our experience with Charles River has been very positive. For that reason, and because their integrated solution best meets our requirements, we decided to upgrade our Charles River IMS version and add new capabilities to further enhance full straight-through processing.”

MIR now leverages the Charles River FIX Network to trade both Australian and International equities. The firm also subscribes to Charles River’s FIX Administration -- a managed service providing proactive FIX connectivity monitoring, management and support. FIX Administration has eliminated the need for in-house FIX expertise. MIR now has integrated, single vendor support for advanced FIX trading techniques, including program trading, broker-supplied algorithms and secure access to over 450 global trading destinations via the Charles River Network.

To further enhance their straight-through processing (STP) capabilities, MIR recently implemented Charles River Post-Trade. Charles River Post-Trade is a centralised, post-trade processing and settlement hub that connects all the parties involved in real time. MIR is now able to leverage post-trade specific enhancements, including real-time settlement matching.

The firm also upgraded to Charles River IMS Version 8.2 to benefit from workflow customisation, enhanced derivative processing, and analytics and execution efficiencies. As part of the upgrade process, Charles River’s Technical Implementation Services team conducted a trial upgrade. The trial upgrade allowed MIR to preview potential process improvements using the new version.

“By streamlining all of our front-and middle-office operations in one integrated system, we now have a system in place that is completely in tune with our business and operational needs,” added Ayoubdel.

“MIR is one of our most advanced clients in the region,” said Cameron Field, Managing Director Asia-Pacific, Charles River Development. “They have completely automated front-to-middle-office STP, from decision support to trade settlement and FIX capabilities.”