Citi Private Bank, a leading player in fixed income, equities, and foreign Exchange has tabbed Charles River Investment Management Solutions (IMS) as part of its Investment Management portfolio, organizing its global solutions, modeling, trading and compliance operations into a single cohesive unit, according to a Citi statement.
CIM and Charles River Take Aim at Trade Compliance and Order Execution
Citi Private Bank is already entrenched in the industry as a bellwether leader in financial services – its Citi Investment Management (CIM) arm operates nearly 27$ billion in global assets across all classes, principally hedge funds and fx. Its newest addition, the Charles River IMS is a strong choice that underscores an aim to bolster its front and middle office investment management solutions and pre- and post-trade compliance. Moreover, Charles River IMS is proficient in nearly every asset class ranging from commodities to fx, making it a logical choice for its congruency with CIM.
Indeed, the partnership with Charles River will effectively coalesce CIM’s portfolio management and modeling solutions, order and trading executions. Simultaneously, Citi’s Investor Services will also offer its OpenAi service to handle trade processing and information delivery. In essence, OpenAi enables alternative managers around the world to be more efficient in their transactions and business, allowing for more effective investing through more managed operational risks. In addition, OpenAi will sync with Citi’s multi-faceted trading platforms and processing systems.
Initiative Catering to ‘Ultra-High Net Worth Clients’
According to Mark Davidson, Chief Operating Officer, CIM in a recent statement, "Our transition from proprietary systems to the Charles River and OpenAi platforms underscores Citi Private Bank's commitment to grow our investment management business by investing significantly in the latest technology to service our ultra- high net worth clients.”
Furthermore, "Charles River IMS gives firms like CIM advanced tools and functionality that make portfolio managers and traders more effective. The solution's integrated portfolio modeling, construction and real-time trading streamline front- and middle-office processes, reducing clients' time to market for new investment products and services,” added Tom Driscoll, Global Managing Director at Charles River.
