Enterprise-wide solution enables FX trading and expands derivatives coverage
Charles River Development (Charles River), a front- and middle-office investment software solutions provider, today announced that FAF Advisors, Inc., the Minneapolis-based investment advisor to First American Funds, has implemented Version 8.2 of the Charles River Investment Management System (Charles River IMS), supporting 120 FAF Advisors users across its mutual fund and investment advisory operations. The project is part of FAF Advisors’ initiative to streamline international trading and enhance coverage of derivatives instruments.
FAF Advisors, Inc. is a U.S. asset management firm with more than $98 billion under management/administration in equity, fixed income, and specialty investment strategies, as of December 31, 2009. Headquartered in Minneapolis, the firm is a registered investment advisor and subsidiary of U.S. Bank National Association – a separate entity and wholly owned subsidiary of U.S. Bancorp. FAF Advisors provides open- and closed-end mutual funds, separately-managed accounts, and sub-advisory services for direct investments and product intermediaries.
“Since 2003, Charles River IMS has been one of our most critical applications,” said Marcia Morgan, Managing Director, Technology. “Having an enterprise-wide front- and middle-office solution in a single platform saves time and risk over multiple applications, and ensures a complete audit trail.”
Automating international workflows was a key project goal. Charles River’s implementation team eliminated manual processes and created seamless interfaces with data and back-office providers, including Omgeo CTM for real-time electronic affirmation of international orders post-trade. In addition, Charles River IMS’ integration with FXall and key foreign exchange banks enables FAF Advisors to support foreign exchange (FX) trading.
“Not only are trades much faster across the board, but our traders can now initiate and book FX orders in real-time and multiple currencies directly from the Charles River Trader Blotter,” said Eric Thole, Managing Director, Investment Operations. “Further, we have an end-to-end solution for meeting customer demand for new investment strategies, including fixed income and derivatives instruments.”
Charles River IMS supports a broad array of listed and OTC rate and credit derivatives, including: IRS, CDS, Swaptions, CLNs and TRS Baskets, and provides advanced capabilities for improved fixed income workflows and curve construction. The system allows FAF Advisors’ users to calculate and monitor gross or net exposure, pre- and post-trade, to any instrument.
“We continue to broaden our enterprise solution with integrated capabilities that support our clients’ most critical business functions – while lowering their total cost of ownership,” said Tom Driscoll, Managing Director-Global, Charles River Development.