Paladyne Systems, an investment management solutions provider, has entered an agreement with Numerix under which it has secured the rights to the source code, development rights and unlimited distribution rights for the Numerix Portfolio Risk product.
Paladyne, a Broadridge Company LLC, based in Lake Success, New York, has hired the Toronto and Hong Kong-based development teams that built and supports the product. Numerix will maintain ownership of the intellectual property and support its existing client base.
This strategic partnership means that Numerix Cross Asset will become the primary source of risk analytics for Paladyne and repersents a major enhancement to the investment management platform. Paladyne has completed the integration of Numerix Portfolio Risk into their front-office solutions, according to today’s release. As a result, order management system (OMS), portfolio accounting, risk management and hosting are now provided in a single platform.
“The integration of Numerix’s market-leading risk product into our solution will provide clients with unique value,” commented Sameer Shalaby, President, Paladyne Systems, in today’s release. “Data quality is one of the most important factors in the effectiveness of risk decisions. The combination of order management, portfolio accounting and front-office risk management with reference data provides a complete solution that will lower costs and help clients focus on growth.”
Paladyne entered into a long-term strategic partnership with Numerix to use their CrossAsset library as our primary source of analytics, noted Shalaby in the release. “This gives us a strong foundation on which to develop and invest in our solutions, and to continue to meet the needs of our most demanding clients,” added Shalaby.
“We continually seek innovative opportunities to accelerate the adoption of our core CrossAsset analytics,” said Steven O’Hanlon, Numerix CEO and President. “Paladyne’s ability to integrate Numerix Portfolio and CrossAsset into their offerings, and Broadridge’s global client base, provides this opportunity to expand our product footprint, while enabling us to align more resources to the development of our risk scenario and calculation platform.”
“This agreement supports the strategic vision to offer Paladyne products and solutions to Broadridge’s client base,” stated Bennett Egeth, SVP, Broadridge, in the release. “Many of our clients struggle with the need to manage risk across asset classes and the integration of reference data and reporting within their risk solutions. Egeth said that while Broadridge is focused on expanding its buy-side market share with its new risk offering, “this initiative can solve business challenges faced by sell-side clients including reference data, managed data, pricing, data warehouse and reporting tools.”
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio