Press Release
Perpetual appoints State Street’s Charles River® to Manage Front Office Operations
Sydney—25 March 2024 —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.
About Perpetual Group
Perpetual Limited (Perpetual Group) is an ASX listed (ASX:PPT) global financial services firm operating a multi-boutique asset management business, as well as wealth management and trustee services businesses. Perpetual Group owns leading asset management brands including Perpetual, Pendal, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW. Perpetual Group’s wealth management business services high-net worth clients, not for profits, and private businesses through brands such as Perpetual Private, Fordham and Jacaranda Financial Planning. Perpetual Group’s corporate trust division provides services to managed funds, the debt market and includes a growing digital business, encompassing Laminar Capital. Headquartered in Sydney, Perpetual services its global client base from offices across Australia as well as internationally from Asia, Europe, the United Kingdom and United States. Learn more at perpetual.com.
About Charles River, A State Street Company
Investment and wealth managers, asset owners and insurers in over 30 countries rely on Charles River IMS to manage USD $59 Trillion in assets. Together with State Street’s middle and back office services, Charles River’s cloud-based front office technology forms the foundation of State Street Alpha®. Charles River helps automate and simplify the investment process across asset classes, from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout. Charles River’s partner ecosystem enables clients to access the data, analytics, application and liquidity providers that support their product and asset class mix. With more than 120% increase in headcount over the last 5 years, Charles River serves clients in 11 regional offices. (Statistics as of January 2024)
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $41.8 trillion in assets under custody and/or administration and $4.1 trillion* in assets under management as of December 31, 2023, State Street operates globally in more than 100 geographic markets and employs approximately 46,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.
*Assets under management as of December 31, 2023 includes approximately $64 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
Perpetual appoints State Street’s Charles River® to Manage Front Office Operations
Sydney—25 March 2024 —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.
Perpetual Limited (Perpetual Group) is an ASX listed (ASX:PPT) global financial services firm operating a multi-boutique asset management business, as well as wealth management and trustee services businesses. Perpetual Group owns leading asset management brands including Perpetual, Pendal, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW. Perpetual Group’s wealth management business services high-net worth clients, not for profits, and private businesses through brands such as Perpetual Private, Fordham and Jacaranda Financial Planning. Perpetual Group’s corporate trust division provides services to managed funds, the debt market and includes a growing digital business, encompassing Laminar Capital. Headquartered in Sydney, Perpetual services its global client base from offices across Australia as well as internationally from Asia, Europe, the United Kingdom and United States. Learn more at perpetual.com.
About Charles River, A State Street Company
Investment and wealth managers, asset owners and insurers in over 30 countries rely on Charles River IMS to manage USD $59 Trillion in assets. Together with State Street’s middle and back office services, Charles River’s cloud-based front office technology forms the foundation of State Street Alpha®. Charles River helps automate and simplify the investment process across asset classes, from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout. Charles River’s partner ecosystem enables clients to access the data, analytics, application and liquidity providers that support their product and asset class mix. With more than 120% increase in headcount over the last 5 years, Charles River serves clients in 11 regional offices. (Statistics as of January 2024)
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $41.8 trillion in assets under custody and/or administration and $4.1 trillion* in assets under management as of December 31, 2023, State Street operates globally in more than 100 geographic markets and employs approximately 46,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.
*Assets under management as of December 31, 2023 includes approximately $64 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
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