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Charles River reports double-digit revenue growth

10 January 2008  |  2971 views  |  0 Source: Charles River Development

Charles River Development (Charles River), an award-winning provider of financial software and services to the global investment management community, today announced that 2007 was its seventh consecutive year of double-digit revenue and net-income growth.

The firm added 48 new clients worldwide and 22 major expansions with existing clients. In addition, Charles River brought over 55 new clients live on the Charles River Investment Management System (Charles River IMS), its multi-currency, multi-asset class front- and middle-office software suite. As of December 31, 2007, Charles River serves more than 270 clients in over 30 countries

In 2007, Charles River added 30 new clients in the Americas, including: fund manager Alaska Permanent Fund Corporation; asset manager Dimensional Fund Advisors; and Brazilian fund administrator Mellon Serviços Financeiros DTVM S/A. Within the Europe, Middle East and Africa (EMEA) region, Charles River added a dozen new clients, including: Clariden Leu, one of Switzerland's leading private banks; Thames River Capital, a performance-focused, absolute return-oriented asset manager; and Irish Life Investment Managers, one of Ireland's leading institutional asset managers. Charles River also added six new clients in the Asia-Pacific market, including: prominent Japanese firms, as well as Australia's largest corporate superannuation fund, Telstra Super Pty Ltd.; and new Melbourne-based Absolute Return asset manager, LG Investment Group Limited.

"These results reflect our continuous R&D investment in Charles River's products and technology which allows us to better serve our clients," said Peter Lambertus, President and Chief Executive Officer, Charles River Development. "We meet the needs of investment firms around the world through our global support structure of local offices, staffed with multi-lingual experts who understand local requirements and provide on-the-ground support."

To accommodate its growing product and service offering for clients, Charles River strengthened its presence in every major region of the world. In Asia-Pacific, Charles River expanded its regional headquarters in Melbourne, Australia and opened a new office in Tokyo, Japan. In EMEA, the firm hired Jon Steward as Managing Director to oversee Charles River's regional operations. Charles River plans a major expansion of its London office in early 2008 to accommodate its growing staff and client base in the region. Charles River also opened an office in New York City to support its large client base in the New York Metropolitan Area.

Charles River achieved record results as well for the Charles River Network, its proven financial network for global real-time electronic trading via FIX (Financial Information eXchange) that is fully integrated with Charles River IMS and ensures fast and reliable direct-connect access between buy-side clients and sell-side brokers. The Charles River Network now includes more than 80 Charles River IMS clients, over 300 tested and certified brokers and more than 1,800 live, multiple-site, broker-client connections. Over 100 Charles River broker connections are added to the Network each month, and more than 90% of new Charles River clients use the Charles River Network for electronic trading.

Six new clients worldwide also selected the firm's comprehensive and flexible Managed Services offering for proactive management of Charles River IMS. Nearly two dozen client firms now take advantage of Charles River's Remote Application Management or Hosted Application Management solutions for expert, one-stop service and support.

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