Paladyne secures rights for Numerix risk offering 30 April 2013Lake Success Reporter: Jenna Jones
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Broadridge company Paladyne Systems has secured the source code, development rights and unlimited distribution rights for Numerix Portfolio Risk.
Paladyne has completed the integration of Numerix Portfolio Risk into its front-office solutions. OMS, portfolio accounting, risk management and hosting are now provided in a single solution. It has also hired the Toronto- and Hong Kong-based development teams that built and support the product.
The solution, branded as Risk Master, is an enterprise or departmental solution for prime brokers, banks, broker-dealers, fund administrators and asset managers.
Sameer Shalaby, president of Paladyne Systems, said: “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.”
Steven O’Hanlon, Numerix CEO and president, added: “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.”
“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.”
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