State Street completes Charles River acquisition, announces advisory board and CEO
State Street announced that it has completed its acquisition of Charles River Development, which is expected to result in the “industry’s first-ever global interoperable platform connecting the front, middle and back office with one provider”, according to a statement.
State Street also announced today the establishment of a Charles River Development Client Advisory Board to provide ongoing strategic input into the platform development, engage with peers across the industry, as well as shape new products and solutions aligned with market and industry trends. Jenny Tsouvalis, senior vice president and enterprise head of investment reporting, operations and applications for OMERS (Ontario Municipal Employees Retirement Systems), will chair the advisory board.
John Plansky has been named CEO of Charles River Development. Plansky has led State Street’s Global Exchange business for the last 18 months, where he oversaw the launch of a number of front-office solutions including Verus, investible indices and DataGX(SM), State Street’s end-to-end data warehousing solution.
A new study conducted by Longitude Research for State Street that analyzes asset managers’, owners’ and insurance companies’ sentiments about growth prospects finds that data and technology are increasingly important, with more than 42 percent of survey respondents viewing the development of new tools to achieve an investment advantage as an urgent priority. Furthermore, nearly two-thirds (64 percent) of asset managers in the study are investing in new performance analytics tools.
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