Asset managers who work with managed accounts are about to see more automation come their way to make trading easier and faster.
Charles River, traditionally a provider of trade management systems, announced its Wealth Hub system that will automate asset manager to sponsor communications, thus speeding up the trade consolidation function and securely distribute account and model updates to all applicable sponsors in a single mouse click. Previously, this process was done manually and prone to human error.
The Wealth Hub will be available for general release to Charles River Investment Management Solution (IMS) Version 9 users following completion of beta testing with client partners. Non-Charles River IMS asset managers and sponsors will also have access to the hub via a single, web-based dashboard.
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“Cost constraints and the lack of industry standards make it difficult for asset managers and multiple sponsors to efficiently exchange trade, account and model information,” said Tom Driscoll, Global Managing Director, Charles River. “The Charles River Wealth Hub bridges the gap and ensures timelier and more accurate data transmissions by automating processes that are repetitive and prone to error. It eliminates the need for asset managers to upload the same critical data to each sponsor’s platform. This increases productivity, reduces risk and strengthens investment decision support for all parties.”
The integrated Wealth Hub is part of Charles River’s enterprise wealth management solution that helps firms improve advisor productivity, increase efficiencies, bring new products to market quickly, and offer clients more customized solutions. The solution’s open architecture and modern technology is highly scalable and supports thousands of users, and large volumes of accounts and trades. Flexible delivery options include desktop, web browsers and mobile access.
