State Street completes Charles River Systems deal
State Street, which has some $33.9trn of assets under custody and administration, has completed its acquisition of Charles River Systems, which will facilitate a front to back office platform for its customers, the firm has announced.
The platform provides data aggregation, analytics and compliance tools, and connects and exchanges data with other platforms and providers. The platform is described as ‘open’ and will “standardise data and systems across multiple asset classes and the entire investment lifecycle.”
State Street has also announced the establishment of the Charles River Development Client Advisory Board, which will provide input into further platform development and new product development.
John Plansky has been named CEO of Charles River Development. As head of State Street’s Global Exchange business for the past 18 months, he has overseen the launch of front office solutions such as Verus, investible indices and DataGS, an end to end data warehousing solution. He has also previously worked as a partner at PwC and Booz & Co, and CEO of Nervewire.
Charles River operates a software-as-a-services model, which means its customers access the services they need online from a single platforms. Its IMS (Investment Management Solution) claims buy side users in more the 40 jurisdictions.