Strategy & Practice Management
Perpetual appoints State Street’s Charles River to Manage Front Office Operations
Charles River® Development, a State Street company, announced that it has been appointed by Perpetual Group (Perpetual) to manage its front office operations for its Australian asset management business.
Perpetual’s Australian asset management business will adopt the Charles River Investment Management Solution (Charles River IMS) to manage its domestic and global portfolios, order and execution, compliance, post trade processing and front office data.
Perpetual completed the acquisition of Pendal Group in January 2023 to cement its position as one of Australia’s largest multi-boutique asset managers, with total assets under management of A$213.9 billion as at 31 December 2023.
Pendal Group had been a long-term Charles River client in Australia, with a relationship since 2002.
Perpetual Group Chief Operating Officer Craig Squires said, “This is an important partnership that ensures the streamlining and simplification of front office operations within Australia on a single OMS platform with Charles River.”
Mr Squires said the basis of the decision went beyond the previous long-term partnerships to address the current challenges and complexities of the evolving investment management landscape.
“Charles River has proven solutions supporting multi-boutique business like Perpetual. Its multi-asset capabilities, particularly across Australian and global fixed income markets, is critical for us to grow our business globally,” he added.
“We are thrilled to support Perpetual as they evolve their business and operating model,” said Dennis Baillon, director of Business Development, APAC, Charles River. “To be successful in today’s market, managers need a platform that provides flexibility in their operating environment and enables them to scale as their business requires.”
Perpetual’s operations stretch across Australia, Asia, Europe, United Kingdom and the United States.
“Given their commitment to being a truly global asset management business, Charles River’s and State Street’s global network and expertise is a natural fit. We are pleased to extend Charles River into Perpetual’s Australian asset management front office,” said Tim Helyar, country head for Australia, State Street.
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