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November 1, 2022

Charles River and DirectBooks Announce Collaboration to Streamline Primary Issuance in Charles River IMS


Charles River® Development, a State Street Company, today announced a collaboration with DirectBooks enabling investment firms to manage primary issuance workflows in the Charles River Investment Solution (Charles River IMS).


DirectBooks optimizes primary issuance of fixed income securities by streamlining communications workflows between underwriters and institutional investors. Currently, 25 underwriters and over 250 institutional investors, including 17 of the top 20 global asset managers by AUM, are live on the platform*.


Charles River IMS is a front office solution for investment managers and asset owners, including portfolio and risk analytics, order and execution management, full trade lifecycle compliance and an Investment Book of Record.


Recently, Lord Abbett & Company, a mutual client of Charles River and DirectBooks, adopted the combined offering to manage primary issuance across their institutional and private client portfolios.


“As a leading global fixed income manager, our teams require the latest and most accurate new issuance information,” said Nickolas Prala, Trader, Fixed Income Investments at Lord Abbett. “The combination of Charles River’s IMS capabilities and DirectBooks’ comprehensive structured data will allow us to best serve our clients by making the most prudent and efficient investment decisions.”


“DirectBooks is on a mission to improve efficiency in the primary markets for all counterparties. Our choice to connect with Charles River is an obvious one given their presence in the market,” said Rich Kerschner, Chief Executive Officer of DirectBooks. “Our shared clients will benefit immediately from our initial stage of connectivity offering deal announcement data. We believe the DirectBooks offering made available through Charles River will only grow as we extend our features, functionality, and products in the global fixed income markets.”


“We are excited to collaborate with DirectBooks, providing our clients with digitized primary issuance workflows across US and EMEA corporate bond markets, to help improve transparency, and consistent data to support timelier investment decisions,” said Vidya Guruju, CFA, Senior Product Manager at Charles River. “The breadth of underwriters and buy-side firms on the DirectBooks platform underscores the value they provide in transforming the traditionally cumbersome primary issuance process.”

*DirectBooks company statistics


About DirectBooks

DirectBooks leverages its technology expertise and market knowledge to optimize global financing markets. We are simplifying the primary issuance process for fixed income by streamlining communications workflows for underwriters and institutional investors. DirectBooks was formed by 9 global banks, consisting of Bank of America (NYSE:BAC), Barclays (NYSE:BCS), BNP Paribas (FR:BNP), Citi (NYSE:C), Deutsche Bank (NYSE:DB), Goldman Sachs (NYSE:GS), J.P. Morgan (NYSE:JPM), Morgan Stanley (NYSE:MS), Wells Fargo (NYSE:WFC). A complete list of participating underwriting firms can be found on our website. For additional information, please visit www.DirectBooks.com.


About Lord Abbett & Co.

Lord, Abbett & Co. LLC is an independent, privately held firm and was named one of the Best Places to Work in Money Management for the second consecutive year in 2021 by Pensions & Investments, as well as a Best Place to Work in the Human Rights Campaign’s 2021 Corporate Equality Index. One of the oldest money management firms in the United States, Lord Abbett is inspired by its mission—Securing a sustainable future for our clients, our people, and our world—strengthened by a culture that is principles-led, performance-oriented, and purpose-driven, and guided by the shared values of excellence, responsibility, transparency, and collaboration. Lord Abbett manages approximately $210 billion in assets (as of June 30, 2022) across a full range of U.S. mutual funds, UCITS Funds, institutional and separately managed accounts, including $1 billion for which Lord Abbett provides investment models to managed account sponsors.


About Charles River, A State Street Company

Investment, wealth and alternative managers, asset owners and insurers in 30 countries rely on Charles River IMS to manage USD $46 Trillion in assets. Together with State Street’s middle and back office services, Charles River’s cloud-deployed front office technology forms the foundation of State Street Alpha℠. Charles River helps automate and simplify the investment process across asset classes, from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout. Charles River’s partner ecosystem enables clients to access the data, analytics, application and liquidity providers that support their product and asset class mix. We serve clients globally with more than 1,000 employees in 11 regional offices. (Statistics as of Q2 2022)


About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $35.7 trillion in assets under custody and/or administration and $3.3 trillion* in assets under management as of September 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 41,000 worldwide. For more information, visit State Street's website at www.statestreet.com.


* Assets under management as of September 30, 2022 includes approximately $55 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.


Disclaimers and Important Risk Information


Charles River Development - A State Street Company is a wholly owned business of State Street Corporation (incorporated in Massachusetts).


This document and information herein (together, the “Content”) is subject to change without notice based on market and other conditions and may not reflect the views of State Street Corporation and its subsidiaries and affiliates (“State Street”). The Content is provided only for general informational, illustrative, and/or marketing purposes, or in connection with exploratory conversations; it does not take into account any client or prospects particular investment or other financial objectives or strategies, nor any client’s legal, regulatory, tax or accounting status, nor does it purport to be comprehensive or intended to replace the exercise of a client or prospects own careful independent review regarding any corresponding investment or other financial decision. The Content does not constitute investment research or legal, regulatory, investment, tax or accounting advice and is not an offer or solicitation to buy or sell securities or any other product, nor is it intended to constitute any binding contractual arrangement or commitment by State Street of any kind. The Content provided was prepared and obtained from sources believed to be reliable at the time of preparation, however it is provided “as-is” and State Street makes no guarantee, representation, or warranty of any kind including, without limitation, as to its accuracy, suitability, timeliness, merchantability, fitness for a particular purpose, non-infringement of third-party rights, or otherwise. State Street disclaims all liability, whether arising in contract, tort or otherwise, for any claims, losses, liabilities, damages (including direct, indirect, special or consequential), expenses or costs arising from or connected with the Content. The Content is not intended for retail clients or for distribution to, and may not be relied upon by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulation. The Content provided may contain certain statements that could be deemed forward-looking statements; any such statements or forecasted information are not guarantees or reliable indicators for future performance and actual results or developments may differ materially from those depicted or projected. Past performance is no guarantee of future results. No permission is granted to reprint, sell, copy, distribute, or modify the Content in any form or by any means without the prior written consent of State Street.


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