In other news, Clearwater Analytics has a new client in California, the DTCC enhances its CDS service, and Indata updates its many offerings.
New RIA to Be Independent of T. Rowe Price
T. Rowe Price officials report that the firm’s funds’ board added a new subadviser — T. Rowe Price Investment Management (TRPIM) — the firm’s own SEC-registered and fully independent investment adviser. Late last year, T. Rowe Price Group, Inc. announced that it would establish TRPIM as a separate U.S.-based investment adviser.
“We established March 7, 2022, as the effective date when the firm will transition management of several strategies to TRPIM,” according to officials at the firm. “The affected strategies are US Capital Appreciation, US Mid-Cap Growth Equity, US Small-Cap Core Equity (U.S. mutual fund name is the T. Rowe Price Small-Cap Stock Fund), US Small-Cap Value Equity, US Smaller Companies Equity, and US High Yield Bond.”
TRPIM is slated to have “its own investment platform and veteran leadership, with more than 100 associates, including at least 85 investment professionals,” officials said, adding that there are no planned portfolio manager changes associated with the transition and no change in the day-today management of client assets.
“Other key developments in the firm’s preparations to establish TRPIM include the registration of TRPIM as a U.S. investment adviser with the SEC, completing targeted research analyst hiring for both TRPIM and T. Rowe Price Associates (TRPA), and the opening of a new Washington, DC, office in June,” according to the firm.
California County Moves Investment Ops to Clearwater
The Boise, Idaho-based Clearwater Analytics, a software as a service (SaaS) solution provider, has announced that the government of Riverside County, California will be using Clearwater’s solution for investment accounting, reporting, and analytics, officials say.
The government of Riverside County, which encompasses Greater Los Angeles, “needed to replace a legacy solution provider for their investment accounting operations … As a result, they chose Clearwater’s SaaS platform to help manage the county’s investments, data, and accounting book of record (ABOR),” according to Clearwater.
“We’ll be able to significantly boost productivity within our finance function,” says Matt Jennings, the treasurer for Riverside County, in a prepared statement.
Riverside County will use Clearwater’s platform for daily updated security master characteristics “like credit ratings, floating interest rates, and updated duration calculations,” officials say.
“The Clearwater SaaS platform is quickly becoming the solution of choice for governments and municipalities across the U.S. to optimize their investment accounting, reporting, and data analytics,” says Scott Erickson, president of Americas and New Markets for Clearwater Analytics, in a prepared statement.
DTCC Revamps CDS Kinetics Platform
The DTCC, a major post-trade infrastructure services and systems provider, has launched an enhanced DTCC CDS Kinetics platform that will support more demand for transparency “into the credit default swaps (CDS) market within the over-the-counter derivatives space,” officials say.
“DTCC CDS Kinetics provides position data on credit default swaps sourced from DTCC’s Trade Information Warehouse (TIW), offering notional outstanding, net notional, and trading volume metrics on securities including single-name, index, and index tranche,” according to the DTCC. “TIW is a centralized infrastructure for reporting and asset servicing on approximately 98 percent of all credit derivative transactions outstanding worldwide.”
The service now supports “increased analysis and understanding of the CDS market. The service, which previously featured point-in-time snapshots of credit default swaps data, has been upgraded to provide over 10 years of historical and time-series data, a new user interface with graphical representations, and the ability to search for CDS instruments by a range of attributes including underlying reference entity, market sector, market type, and geographical region,” officials say.
The updated platform offers “unique insights on credit risk that will not only inform trading strategies but will also help banks better prepare for potential market dislocations,” says Tim Lind, managing director of DTCC Data Services, in a prepared statement.
The DTCC CDS Kinetics platform is available in DTCC’s API Marketplace “as part of a planned future platform update,” officials say.
Indata Updates Front, Middle & Back-Office Wares
Indata, a provider of software, technology, and managed services for buy-side firms, has unveiled enhancements and system changes for its offerings. The vendor’s full suite of software offerings and systems span the front, middle and back-offices of financial services firms, officials say.
The vendor says that the highlights include:
- Enhanced trading tools for multi-asset investment strategies;
- New order management system (OMS) orders/executions
- Additional “compliance look-throughs spanning real-time, pre-trade and post-trade checks throughout the trading life cycle;”
- Greater alerting/tracking features for system monitoring/usage for compliance and operations professionals;
- New and improved dashboard tiles within the iPM Portal for customizable information to end clients;
- Streamlined trade settlement dashboards with industry providers;
- Additional performance measurement options that offer increased granularity for calculating rates-of-return and attribution;
- And expanded ALGO connectivity with brokers and automated, exception-based reconciliation with custodians.