MIR Investment Management Pty Limited Completes Charles River Upgrade, Adds Post-Trade Module and FIX Network
FIX and Full Trade Lifecycle Capabilities Deliver Straight-Through-Processing Benefits
Boston, London, Melbourne, New York, Paris, Singapore and Tokyo — April 16, 2009 — 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.”
About MIR
MIR Investment Management Pty. Ltd. was established in June 2003 and commenced managing Australian equities in January 2004 and Asian ex-Japan equities in June 2007. MIR is headquartered in Sydney and has offices in Singapore and Melbourne. MIR offers long and long-short strategies in both Australian and Asian ex-Japan equities.
About Charles River Development
Charles River Development is an award-winning provider of technology systems and services to over 310 investment firms in the institutional, mutual fund, banking, hedge fund, wealth management, insurance and pension industries in more than 30 countries. The Charles River Investment Management System is a comprehensive front- and middle-office software suite for all asset classes that includes: Charles River Manager for portfolio management and modeling; Charles River Trader for order management and electronic trading; Charles River Compliance for real-time pre-trade and end-of-day compliance; and Charles River Post-Trade for the centralized management of trade matching, confirmation, and settlement workflow. The system incorporates global real-time electronic trading via FIX (Financial Information eXchange) through the Charles River Network, a broker-neutral financial network that is fully integrated with Charles River IMS.
Charles River IMS features a modern, proven, N-Tier service oriented architecture (SOA) that is highly scalable and supports continuous 24x7 operations. Message-based APIs and exposed Web Services facilitate rapid systems integration.
The company also offers implementation, application management services and hosting. Founded in 1984, Charles River maintains headquarters in Boston and primary offices in London, Melbourne, New York, Paris, Singapore and Tokyo.
Charles River is the recipient of numerous recent industry awards including: Best Integrated Front-Office Platform and Best Buy-Side Order Management System, Buy-Side Technology Awards 2008, 2007; Best Buy-Side Order Management System, TradeTech 2008, 2007; and FinTech Top 100, American Banker/Financial Insights 2008, 2007.
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