Perpetual Group (Perpetual) has appointed Charles River Development, a State Street company, to oversee the front office operations of its Australian asset management division.

The Charles River Investment Management Solution (Charles River IMS) will be used by Perpetual’s Australian asset management company to handle order and execution, compliance, post-trade processing, front office data, and domestic and international portfolio management.

With A$213.9bn (USD$139.6bn) in total assets under management as of 31 December 2023, Perpetual solidified its place in Australia, being a recognised multi-boutique asset manager by completing the purchase of Pendal Group in January 2023.

Since 2002, Pendal Group, an Australian company, has been a regular client of Charles River.

“This is an important partnership that ensures the streamlining and simplification of front office operations within Australia on a single OMS platform with Charles River,” stated Craig Squires, chief operating officer of Perpetual Group.

Moreover, Perpetual’s operations span across Australia, Asia, Europe, the United Kingdom, and the United States.

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According to Squires, the decision was made to meet the present challenges and complexities of the evolving investment management market, in addition to past long-term relationships.

He added: “Charles River has proven solutions supporting a multi-boutique business like Perpetual. Its multi-asset capabilities, particularly across Australian and global fixed income markets, are critical for us to grow our business globally.”

Dennis Baillon, director of Business Development, APAC, Charles River commented: “We are thrilled to support Perpetual as they evolve their business and operating model. To be successful in today’s market, managers need a platform that provides flexibility in their operating environment and enables them to scale as their business requires.”

“Given their commitment to being a truly global asset management business, Charles River’s and State Street’s global network and expertise is a natural fit. We are pleased to extend Charles River into Perpetual’s Australian asset management front office,” shared Tim Helyar, country head for Australia, State Street.