Charles River, a US-based investment management solution provider, has launched a Wealth Hub that enables asset managers with managed accounts to combine trades and securely distribute account and model updates to all sponsors in a single click.
Dubbed as Charles River Wealth Hub, the new solution will allow firms to improve advisor productivity, increase efficiencies, bring new products to market quickly, and offer clients more customized solutions.
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Operating as part of Charles River’s enterprise wealth management solution, Wealth Hub will be available for Charles River Investment Management Solution (Charles River IMS) Version 9 users after completion of beta testing with client partners.
However, the hub will also be avaialble for non-Charles River IMS asset managers and sponsors through a single, web-based dashboard.
According to Charles River, its wealth management solution will assist a variety of products on a single platform ranging from basic advisory to the needs of ultra-high net worth clients.
Tom Driscoll, global managing director, Charles River, said: "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.
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By GlobalData"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," he added.
Isabella Fonseca, research director, global financial services, Celent, said: "Standardizing and automating processes to reconcile information across product lines is key for improving communication and performance. Firms will benefit from a single point of access to manage all of these interactions."
