Public Investment Corporation selects Charles River IMS

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 Public Investment Corporation Ltd (PIC), one of the largest investment managers in Africa with approximately USD100 billion in assets under management (AUM), has selected the Charles River Investment Management System (Charles River IMS) for its fixed income trading and portfolio management operations, with the possibility to extend the system to manage equities in the future.

"Like any government agency, we follow a very strict and extensive procurement process," said Leon Smit, Head of Fixed Income, PIC. "Our clients are public sector entities who have varied investment mandates which have been approved by the Financial Services Board (FSB), so our trading and portfolio management environment is closely controlled. We needed an order and execution management system flexible enough to meet any client demand."

"With Charles River we can now easily handle South Africa-specific market regulations, 'what if' scenario analysis and fixed income pricing," continued Smit. "Charles River understands our market better than any other vendor we reviewed. They have proven their commitment to South Africa by developing their solution in line with local buy side needs. We are confident we have selected the best system available."

"PIC joins Charles River's growing South African client base, which includes the country's leading financial institutions: ABSA Capital, Metropolitan Asset Management, Prudential Portfolio Managers, Sanlam Prime Services and STANLIB Asset Management. We serve the South African market through local presence and client events that continually address the needs and suggestions of the client base," said Jon Steward, Managing Director, EMEA, Charles River Development.

Recent Charles River client events in Cape Town and Johannesburg showcased the latest Charles River IMS capabilities, which include specific regional enhancements such as fixed income valuations. Clients found the event a useful opportunity to meet with peers, discuss ideas and provide feedback to Charles River's management.

"We valued seeing Charles River IMS' new analytics capabilities, fixed income pricing feeds and the dynamic user interface," said Shawn Smith, Chief Technology Officer, STANLIB Asset Management. "The capabilities are impressive, and we're looking forward to participating in Charles River IMS' next beta program."

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