Solution Significantly Broadened with Integration of Numerix Portfolio Risk. Numerix CrossAsset to be Primary Source of Risk Analytics through a Strategic Partnership
LAKE SUCCESS, N.Y., April 30, 2013 – Paladyne Systems®, Inc., a Broadridge Company (NYSE:BR), and leading provider of next generation investment management solutions, and Numerix, LLC., the leading provider of pricing and risk analytics for derivative products, have announced an agreement whereby Paladyne has secured the rights to the source code, development rights, and unlimited distribution rights for the Numerix Portfolio Risk product. Paladyne has hired the Toronto- and Hong Kong-based development teams that built and supports the product. This represents a major enhancement to the Paladyne investment management platform and to Broadridge’s global brokerage offering.
Paladyne has completed the integration of Numerix Portfolio Risk into their front-office solutions. OMS, portfolio accounting, risk management and hosting are now provided in a single platform.
The platform-agnostic risk solution is designed for virtually all asset classes and is integrated with the reference data, data warehouse and reporting solutions. This enhances both the value of the Paladyne product set for the buy-side and broker-dealers, and also enhances the value of the Numerix Portfolio product for its clients. This solution, branded as Risk Master, is an enterprise or departmental solution for asset managers, fund administrators and prime brokers, banks and broker-dealers that helps them to focus on alpha generation rather than vendor integration.
“The integration of Numerix’s market-leading risk product into our solution will provide clients with unique value,” said Sameer Shalaby, President, Paladyne Systems. “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.”
“To support this product introduction, we have entered into a long-term strategic partnership with Numerix to use their CrossAsset library as our primary source of analytics. 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 Mr. Shalaby.
“We are excited to enter into this long-term strategic partnership. We continually seek innovative opportunities to accelerate the adoption of our core CrossAsset analytics,” said Steven R. O’Hanlon, Numerix Chief Executive Officer 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,” said Bennett Egeth, Senior Vice President, Broadridge. “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. While we are very focused on expanding our buy-side market share with our new risk offering, this initiative complements other Paladyne products that solve business challenges faced by our sell-side clients including reference data, managed data, pricing, data warehouse and reporting tools.”
Broadridge, through a perpetual license, has secured rights to the source code, development team and distribution. Numerix will maintain ownership of the intellectual property and support its existing client base.
About Paladyne Systems
Paladyne Systems, a Broadridge Company (NYSE:BR), is the leading provider of next generation investment management solutions. Paladyne offers its integrated front-, middle- and back-office platform, known as the Paladyne Suite, to hedge funds, asset managers, fund administrators and prime brokers. The modular Paladyne Suite includes order management, portfolio management, reference data management, data warehouse and custom reporting and reconciliation, and is complemented by the Paladyne Network, an integrated network of leading 3rd-party software and market data firms. The solution can be delivered onsite or via Paladyne's industry-leading application service provider solution, - SSAE 16-certified Paladyne ASP. Paladyne was established in 2005 and acquired by Broadridge in 2011 and now serves over 225 clients worldwide. The firm has approximately 180 employees and is headquartered in New York, with regional offices in New Jersey, London, Russia and Hong Kong.
For more information, please visit paladyne.com.
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and other corporations. Broadridge’s investor and customer communications, securities processing and managed services solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America and processes on average $5 trillion in equity and fixed income trades per day. Broadridge employs approximately 10,000 associates in 14 countries.
For more information about Broadridge, please visit www.broadridge.com.
Numerix is the award winning, leading independent analytics institution providing cross-asset solutions for structuring, pre-trade price discovery, trade capture, valuation and portfolio management of derivatives and structured products. Since its inception in 1996, over 700 clients and 75 partners across more than 25 countries have come to rely on Numerix analytics for speed and accuracy in valuing and managing the most sophisticated financial instruments. With offices in New York, London, Paris, Frankfurt, Milan, Stockholm, Tokyo, Hong Kong, Singapore, Dubai, South Korea, India and Australia, Numerix brings together unparalleled expertise across all asset classes and engineering disciplines. For more information please visit www.numerix.com.
Lisa Jane O’Neil
James J. Jockle