State Street will continue to use and support Askari's technology.
"All of us at Askari are delighted to be joining DSTi as we see them as a thoroughly professional software company who can bring the Askari product to a wider range of clientele through their extensive global network of offices. Askari already has a great reputation for its market leading functionality and DSTi will help us expand the value that we create for our clients. By combining DSTi's HiPerformance, HiReporting and Open Data Warehouse technology with Askari's risk capabilities DSTi clients will now have a more comprehensive solution available that combines risk analytics with performance measurement and high-end reporting capabilities." said Eric Reichenberg, president Askari.
Ian Mathieson, Managing Director of DSTi in Australia, commented "Australia is undoubtedly one of the most sophisticated and complex investment markets in the world today and as such the need to professionally manage risk is paramount. Leading edge risk management products such as those available from Askari, when coupled with the existing DSTi front, middle and back
office technology, will ensure that Australian fund managers, advisers and Third Party Administrators remain better than world-class."
Mike Winn, Group Managing Director, DSTi said "Over the last few years we've been systematically enhancing our product range to be able to offer complete front/middle/back office solutions to the entire range of institutions in our industry. Askari's risk management product fills the last piece of our jigsaw and we're delighted with the acquisition. The Askari staff in Boston, London and Singapore will be transferring to the local DSTi offices. In addition the acquisition brings us two new offices, New York and Paris, and we intend to build up both these facilities to be able to handle the full DSTi range of products and services."
The Askari technology complements DSTi's existing investment management product range for the front and middle office by offering sophisticated market risk and credit exposure capabilities to institutional fund managers, asset owners, such as pension funds, hedge funds and private wealth portfolio managers. Askari's technology, which is delivered as an in-house software solution or as a full service ASP, provides consistent and configurable investment risk analytics across all asset classes, for institutional risk management and portfolio construction decision support. DSTi client's will now have the advantage of access to advanced risk measurement tools without the need for major investment in system infrastructure and data management.
DST plans to rename the product HiRisk to fit in with its standard naming conventions.