BOSTON--(BUSINESS WIRE)--Charles River Development, a State Street Company, announced today that T. Rowe Price will transition to Charles River's cloud-based technology platform. T. Rowe Price will utilize the Charles River Investment Management Solution (IMS) for portfolio management, trading, and compliance and the State Street Alpha ® Data Platform (ADP) for data management and services.
Charles River delivers a future-ready platform with services to provide a foundation for business innovation and transformation. T. Rowe Price will benefit from the cloud-based platform, including the ability to leverage the latest products, functionality, and scalability.
We are excited to extend our existing relationship with Charles River. Charles River's cloud-based solution will allow us to accelerate access to their new product offerings, allowing T. Rowe Price to continue our primary focus on delivering for our clients, said Marc Wyatt, Head of Global Trading, T. Rowe Price. As part of Charles River's Client Advisory Board, we provide strategic input and advice regarding the firm's direction on product and services. Based on our business strategy, making this transition to the cloud is a logical next step.
T. Rowe has been a long-time Charles River client as well as an active member of our Client Advisory Board, and we are delighted to deepen our collaborative partnership, said Matt Daly, Chief Revenue Officer, Charles River Development. Our clients' strategic investment to align with Charles River IMS's cloud-based platform provides flexibility to simplify their business models while expanding product offerings, supporting future growth, and keeping pace with market volatility, margin compression, and industry consolidation.
About T. Rowe Price
Founded in 1937, T. Rowe Price (NASDAQ “ GS: TROW) helps individuals and institutions around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Clients rely on the award-winning firm for its retirement expertise and active management of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price has $1.54 trillion in assets under management as of January 31, 2024, and serves millions of clients globally.
About Charles River Development, 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 a 1750+ global headcount, Charles River serves clients in 11 regional offices. To learn more visit www.crd.com.
(Statistics as of Q4 2023. Assets are inclusive of clients using the platform for purposes of secondary compliance.)
About State Street Corporation (NYSE:STT)
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.
© 2024 State Street Corporation - All Rights Reserved
Charles River Development - A State Street Company is a wholly owned business of State Street Corporation (incorporated in Massachusetts).
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Media
Ed Patterson
epatterson@statestreet.com
(404) 213-3106
Source: Charles River Development