Charles River is a leading provider of financial software and consulting services to the global investment management, banking, pension, and insurance industries. Charles River IMS is an integrated front and middle office software suite for portfolio management (Charles River Manager), order management and trading (Charles River Trader), and real-time compliance (Charles River Compliance).
QIC selected a phased implementation approach. The firm has completed the Charles River Compliance implementation and began conducting compliance monitoring across all asset classes as of September 1, 2003. The Charles River Manager and Charles River Trader components will be released across the organization in phases by asset class beginning with fixed interest trading in late November 2003.
"Charles Riverâs robust and scalable technology platform was a major factor in our system selection process," said Gerard Ruddy, head of corporate projects at QIC. "We are running an average of 700 compliance rules across 130 portfolios. The Charles River system allows us to reference over 12,000 positions on 4,000 securities from 2,000 issuers, without major incident, every day. For a fund manager of our size, this is clearly worldâs best practice. It is something which we hope gives our clients great confidence that their money is in good hands."
"The implementation of Charles River IMS allows QIC to decommission their proprietary spreadsheets, manual processes, and end-user applications and take advantage of centralized, automated compliance monitoring," said Peter Lambertus, Charles River president and chief executive officer. "The transparency of the Charles River compliance and portfolio management process will increase front- and middle-office productivity as well as reduce risk."
The compliance phase of the implementation included interfaces from Eagle Investment Systemâs PACE data warehouse so that QIC can import position, security, classification, rating, and other data into Charles River IMS.
"Understanding your appetite for data is an important ingredient to success," said Ruddy. "In the beginning, we did not realize the potential issues that this can create but Charles River helped us to be constantly aware of the challenges of our own data requirements. They have the experience to advise clients on what data points are needed to implement desired compliance rules sets, and the potential difficulties in obtaining appropriate quality data sources."