Key Private Bank has opted for the Charles River Wealth Management Solution to strengthen its investment service suite.
Leveraging the solution from Charles River Development, the bank will get portfolio management, trading, and compliance support.
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The solution will support these capabilities for the bank’s equities, options as well as fixed income offerings.
Charles River global head of Wealth Randy Bullard said: “For firms like Key Private Bank, centralising portfolio management and trading operations sets the stage for transformational growth.”
Additionally, the bank uses Charles River Anywhere – a mobile solution of Charles River designed for advisers.
Charles River Development is a subsidiary of State Street – an American asset manager.
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By GlobalDataState Street acquired the investment management solutions provider in 2018.
Key Private Bank national head of Investment, Fiduciary and Banking Services Joe Calabrese said: “Adopting Charles River creates significant opportunities for Key Private Bank to scale our value-added investment solutions to our clients.
“This signals a new chapter in the evolution of our business, and we are excited that we can better serve our clients by trading in all security types while reducing risk and improving efficiency across our investment functions.”
Part of KeyCorp, Key Private Bank offers wealth advisory, investment management, trust administration, family office and private banking services, among others.
At the end of December 2019, Key Private Bank’s AUM was $40.8bn while its AUA was $43bn.
