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Press Release

Charles River Forms Wealth Client Advisory Board as it Marks 10 Years as Wealth Platform Provider

July 17, 2019

Boston — July 17, 2019 — Charles River Development, a State Street Company, today announced the formation of a Client Advisory Board focused on wealth management. Members of the Board will serve to provide expert insight and advice on the development and enhancement of the Charles River Wealth Management Solution.

The founding members (partial list) of the Charles River Development Client Advisory Board include:

  • Charles Schwab Investment Advisory, Inc.
  • Commerce Trust Company
  • Fiduciary Trust Company International
  • Glenmede
  • Merrill Lynch Wealth Management

The launch of the newly formed Client Advisory Board marks Charles River’s 10th anniversary as a leading wealth management platform provider. Since 2009, Charles River’s Wealth Management Solution has offered wealth managers streamlined capabilities that support discretionary and non-discretionary products, enhanced mobility across asset classes and has helped attract and retain financial advisors. Today, the platform supports over 30 wealth clients and manages approximately $2.5 trillion in assets for some of the world’s most prominent advisory firms, large sponsors, and private banks. Furthermore, the solution has been the recipient of prestigious industry recognition through accolades such as 2018 Fintech Breakthrough Award for Best Wealth Management Platform, the 2018 WealthBriefing Asia Award, and the 2017 and 2018 WealthBriefing Swiss Awards.

“Charles River is a valuable strategic partner whose wealth management platform has seamlessly scaled alongside our business, helping to improve the client experience,” said Peter Malafronte, Head of Financial Advisor Discretionary Programs for Merrill Lynch Wealth Management and one of the founding members of the Client Advisory Board.

“The last decade has marked a significant shift in the needs of our wealth clients and we have worked hard to ensure our platform can solve for these current challenges,” said John Plansky, chief executive officer of Charles River Development. “Firms are looking for scalable solutions that can acquire and manage extremely high volumes of client relationships and accounts, comply with fiduciary and regulatory obligations and consolidate wealth and institutional business lines on a single technology platform. The newly formed Wealth Management Client Advisory Board will serve as a critical resource to allow Charles River to continue shaping our solution and product strategy.”

About Charles River, A State Street Company

Charles River Development, a State Street Company, enables sound and efficient investing across all asset classes. Investment firms in more than 35 countries use Charles River IMS to manage more than US$25 Trillion* in assets in the institutional investment, wealth management and hedge fund industries. Our Software as a Service-based solution (SaaS) is designed to automate and simplify investment management on a single platform – from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout. Headquartered in Burlington, Massachusetts, we support clients globally with more than 925 employees in 11 regional offices. For more information, please visit www.crd.com.

*As of April 2019

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $32.6 trillion in assets under custody and administration and $2.8 trillion* in assets under management as of March 31, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide For more information, visit State Street’s website at www.statestreet.com.

* Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $33 billion as of March 31, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.

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