The South African economy has experienced an impressive recovery from the lows of 2009, and many investment firms have seen a sharp increase in assets under management. To be competitive and manage for growth, asset managers are seeking to improve efficiency and the ability to offer a diverse portfolio of increasingly complex products. Absa Asset Management (ABAM), a leading South African asset manager, recently implemented the Charles River Investment Management System (Charles River IMS) to replace its proprietary solution that could no longer provide adequate operational support. With Charles River IMS, ABAM has automated its entire front-office operations on a single platform; gaining the scalability and agility required to meet market demands while improving overall system efficiency.
South African asset managers are also leveraging Charles River IMS to comply with regulations such as Regulation 28 of the countryâs Pension Funds Act. Changes to Regulation 28 will control pension fund administratorsâ use of more complex investment options, such as derivatives, and exposure to foreign assets. To support this and other regulations, Public Investment Corporation (PIC), the Government owned asset manager focusing on official sector funds, is implementing the Charles River Compliance module. Since 2009, PIC has been a user of Charles River IMS for portfolio management and trading across its fixed income and money markets operations. By adding Charles River Compliance, PIC will automate its compliance workflow and have a single system for centralized, real-time compliance monitoring and management.
âCharles River Development continues to build its presence in South Africa as investment management firms update their existing systems to manage for growth,â says Jon Steward, managing director EMEA, Charles River Development. âWith seven clients in the country, it is clear that South African investment managers are moving to Charles River to support new and sophisticated market requirements for complex instruments and compliance regulations.â