NEW YORK - Freedom Capital Management, Boston, and Janus Capital Corp., Denver, have selected WinDX Portfolio Management Systems from Data Exchange Inc., New York.
Freedom also selected WinDX Trader Trade Management System from Data Exchange, a developer of portfolio management and trading software.
Freedom Capital, which manages more than $2.5 billion in institutional, mutual fund and other assets, will use WinDX for trust accounting and wrap-fee business to replace two separate systems the firm had been using.
"The open architecture of WinDX and its use of the Sybase relational database plus the ease of use of its integrated trading system and WinDX's superior modeling capabilities really stand out," said John Danello, chief operating officer at Freedom Capital Management Corp.
Freedom hired The MacGregor Group as a consultant to help evaluate portfolio management and trading management systems.
"At the end of our review process, we saw that the clear winner was WinDX. It has the best combined functionality - when you look at all the features of competing systems - it really comes out on top," said Mr. Danello.
"We are also planning to link WinDX electronically with the back-office system of our affiliated brokers Sutro & Co., San Francisco, and Tucker Anthony, Boston," said Mr. Danello.
The WinDX Portfolio Management System provides sophisticated management analysis, trading automation and back-office support in one integrated multiuser client-server system. Operating in real-time, WinDX offers comprehensive processing support and data services for portfolio management, linking from eight to 200 portfolio managers, administrators and traders to the same information, including market data from multiple leading sources.
"The WinDX product is rapidly gaining momentum with institutions that manage around $1 billion and above," said Vice Cacciatore, vice president of sales and marketing for Data Exchange. Data Exchange systems are installed at 50 U.S. money management firms with assets under management ranging from $800 million to $44 billion.
Executives for Janus, a $22 billion mutual fund and institutional money manager, did a portfolio management system search using a consultant before deciding to choose Data Exchange's WinDX client-server system.
"WinDX should meet our need for a relational database system with flexible, open architecture," said Mary Watson, director of administration-institutional services for Janus Capital. "The WinDX implementation of the Sybase client-server environment will enable us to develop our own applications against live data," she said.
WinDX is designed from the ground up using the Sybase relational database management system.
More information may be obtained by contacting Data Exchange at (212) 809-6868.
SACRAMENTO, Calif. - The California State Teachers' Retirement System, which has about $48 billion in pension assets, is expending a significant amount of its soft-dollar commission money for software analytics, electronic data feeds and electronic and other news services.
For 1994, the fund's soft-dollar commitments include $40,000 to BARRA Inc., Berkeley, Calif., for equity services; $25,000 to BARRA for fixed-income services; $65,827 to Bloomberg Financial Markets, New York, a provider of securities pricing data, news, various electronic data feeds and other services; $18,000 to Capital Management Services, Los Angeles, a provider of fixed-income analytic software; $10,000 to Dow Jones News Retrieval, New York, an electronic news retrieval service; $550 to Compuserve, New York, a general on-line service offering significant financial news and data; and $20,600 to Dow Jones Telerate, New York, a provider of electronic data feeds.
NEW YORK - GE Investment Corp.; Herzog, Heine and Geduld and Investment Advisers Inc. went live on Merrin Financial Inc.'s InterMarket Trading Network and are trading electronically with brokers Scudder, Stevens and Clark, Salomon Brothers and ESI Securities Co.
ITN allows money managers to trade electronically with the brokers through one order management system. ITN also enhances seamless trading, trading untouched by human hands.
Seth Merrin, president of Merrin Financial, said about the electronic trading activity, "I knew that when we went live with the system in June of this year that we would see major firms ready to participate in ITN."
Using ITN, a participating institution routes an order to a selected broker. The broker then routes the order to the floor of an exchange or executes it through a market maker.
Once executed, the broker electronically transmits time-stamped executions back to the institution - indicating the price, number of share executed and other information.
NEW YORK - A Value Line study has found the Russell 3000 Index as the "best measurable barometer of the stock market available today," according to executives with the consulting firm Frank Russell Co., Tacoma, Wash.
Earlier this year Frank Russell Co. released a manager performance software database for PCs.
Russell has installed Russell Manager Performance Database with its first eight corporate subscribers. Subscribers include the pension staffs of Shell Oil Co., Pacific Gas & Electric, Southern California Edison Co, and American Telephone & Telegraph.
More information can be obtained by calling (206) 594-1858.
NEW YORK - Executives with Randall-Helms International Inc., New York, said their Microsoft Windows-based interface for data bases, models, reports and graphs offers customized access to integrate global data.
RANDALL-HELMS for WINDOWS API, application programming interface, equips the programming staffs of its clients with a tool kit to develop a single source for equity information that can be incorporated with fixed income and cash management data for a unified system of analytics.
Through integration, investors can do statistical explorations such as time series regressions to construct specific models or do back testing of data.
For information, call Jerald Moskowitz at (201) 635-0510.
BLOOMFIELD, Conn. - A $7 million purchase of minority equity ownership in Securities Software & Consulting Inc., Bloomfield, has been made by General Atlantic, a venture capital firm.
SS&C provides investment management and accounting software to pension funds, insurance companies, mutual fund managers insurance companies and government agencies. General Atlantic concentrates its investment activity primarily in the computer software and services industry.
Frank J. Jones, executive vice president and chief investment officer for The Guardian Life Insurance Co. of America, hailed the purchase. "As a large client of SS&C, The Guardian is encouraged to see SS&C's continued commitment to its product and the quality of the organization," said Mr. Jones.
SS&C executives said the new capital from General Atlantic will be used to expand and strengthen's SS&C's product offerings.
Bill Ford, a general partner of General Atlantic, will join SS&C's board of directors.