Charles River Launches Wealth Hub Utility to Streamline Sponsor/Manager Communication

Charles River Development, a State Street Company, today announced the launch of Charles River Wealth Hub (Wealth Hub), a communications platform that connects managed account program sponsors and their asset manager distribution partners through a secure network environment. Wealth Hub is delivered as a cloud-based service using Microsoft® Azure.

Wealth Hub serves both model-based and discretionary separate account managers as well as the wealth management organizations that operate separate account and unified managed account programs. It streamlines operational interactions between asset managers and wealth management sponsors, and enables sponsors to provide advisors with access to a broad selection of separate account investment strategies.

“Launching the Wealth Hub is an important milestone in the evolution of Charles River’s wealth management platform, one that opens up industry-wide possibilities. We believe that our principles-based, open architecture approach to separate account operations will help alleviate procedural bottlenecks and facilitate much wider distribution of asset managers’ investment products across the industry,” said Randy Bullard, Global Head of Wealth, Charles River.

Wealth Hub’s integration with leading separate account industry technology platforms and service bureaus enables operational connectivity to a wide range of wealth management programs. Firms can connect to the Wealth Hub via an API or a web-based interface. Wealth Hub will also be integrated with State Street AlphaSM, State Street’s open, front-to-back investment servicing platform, for managers interested in outsourcing certain aspects of portfolio servicing.

According to Bullard, “By collaborating with industry competitors and providing free access to asset managers, we hope to level the playing field and open up new channels for information sharing across the industry, while also reducing the operational cost and complexity historically associated with separate accounts. The Wealth Hub is already a critical piece of the larger industry separate account ecosystem, and its importance will grow as we on-board additional program sponsors and asset managers.”

About Charles River, A State Street Company

Investment firms, asset owners, wealth managers, hedge funds and insurers in more than 30 countries rely on Charles River’s front and middle office investment management platform to manage more than US$29 Trillion in assets. Together with State Street’s middle and back office capabilities, Charles River’s cloud-deployed software technology forms the foundation of State Street Alpha℠. The Charles River Investment Management Solution (Charles River IMS) is designed to automate and simplify the institutional 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 growing partner ecosystem enables clients to seamlessly access external data and analytics, applications and liquidity venues that support the unique demands of their product and asset class mix. Headquartered in Burlington, Massachusetts, we serve clients globally with more than 1,000 employees in 11 regional offices. (Statistics as of April 2020) For more information, please visit www.crd.com.

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 $33.52 trillion in assets under custody and/or administration and $3.05 trillion* in assets under management as of June 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.

*Assets under management as of June 30, 2020 includes approximately $67 billion of assets with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated

State Street Corporation, One Lincoln St, Boston MA 02111

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Contacts

Media:
Mary Masi-Phelps
marymasiphelps@crd.com
781-425-6155