The California Public Employees Retirement System (CalPERS), the largest public pension fund in the US, is outsourcing elements of its investment management system across equities and foreign exchange.
In order to streamline its operations, it has migrated to Charles River's Investment Management Solution Version 9 for equities and foreign exchange.
It is also migrating to a managed service for hosting, application management, FIX connectivity and real-time integrated data.
The move is part of a wider initiative to update CalPERS technology in order to reduce costs.
Janine Guillot, chief operating investment officer at CalPERS, said: ""Adding these services from Charles River is part of our work to update investment technology infrastructure across the organisation and will help us increase the efficiency of our operations and processes. This saves us time and money, which allows us to more effectively work to achieve the outcomes that our members depend on."
In a statement, Charles River said investment technology increasingly required specialised skills that most buy-side first find difficult to recruit and retain, which was driving many to seek outsourced solutions.
CalPERS has US$241 billion in assets under management and represents 1.6 million active and retired members.