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RiskMetrics Buys Wealth Management Technology

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A Technology Roundup

LONDON (–RiskMetrics Group Inc., a risk management technology provider in the hedge fund industry, has bought Arrakis, which is the underlying infrastructure for JP Morgan Chase’s Morgan OnLine.

The details on the terms and conditions of the transaction were not made public. According to an announcement, RiskMetrics will assume control of the Arrakis system’s underlying technology, future technology development, web hosting, maintenance and support.

Arrakis was created by JP Morgan’s private banking group in 1999 as an online tool kit for high-net-worth individuals. JP Morgan Chase’s Private Banking Group will still have exclusive rights to its Morgan OnLine and Morgan View offerings as well as the proprietary analytics within Morgan OnLine designed specifically for its clients.

According to a statement from RiskMetrics CEO Ethan Berman, RiskMetrics wanted to combine its WealthBench suite of analytics to give clients an enterprise-wide wealth management platform to equip advisors to succeed in a more demanding environment.

ISE Introduces Direct Access Connectivity

NEW YORK (–The International Securities Exchange introduced last month a virtual private network that allows broker/dealers to use workstations to route orders to ISE’s market over the Internet.

The direct access connectivity was created to address the strong demand from securities firms to have low-cost direct access connections to the ISE option’s market Previous HedgeWorld Story. The connection has security and encryption features that provide a level of security comparable to a private network or a dedicated line, according to an announcement from the exchange.

Firms that decide to use the direct access channel will send orders to the ISE using the CLICK Trade “Lite” version of the ISE’s CLICK Trade workstation. In March, the ISE was the largest US equity options exchange trading 27% of the options market, which is up 50% from the same period last year.

“At a time when everyone is monitoring their bottom line, ISE remains committed to making trading at the ISE cost-effective for all members and firms,” Gary Katz, ISE’s chief operating officer said in a statement.

Eagle Investment Systems Launches Data Management Software

BOSTON (–Eagle Reference Manager is Eagle Investment Systems latest offering and promises to help consolidate, translate, validate and disseminate clean and accurate security data.

The software supports an internal straight-through-processing process. Eagle officials also predict that Reference Manager will help managers reduce the cost of managing disparate data vendors and will help managers grow their businesses without compromising the quality of security information. The application could also reduce operational risk, according an announcement from Eagle.

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