South Africa-based Momentum Asset Management has selected Charles River, a UK-based front- and middle-office investment management solutions firm, to automate its portfolio management.

Momentum Asset Management becomes Charles River's seventh client from South Africa. What is more, the firm has now a on the ground presence in the country, to serve the "expanding" South African client base: John Reardon is based in Johannesburg as regional manager for the firm.

Johannesburg-headquartered Momentum Asset Management is a subsidiary of Momentum Investments, in itself a subsidiary of MMI Holdings, formed in late 2011 through the merger of RMB Asset Management and Metropolitan Asset Managers.

"Charles River was originally deployed by Metropolitan Asset Managers in 2005 and is now the system of choice throughout the new business", said Sibusiso Mabuza, chief executive of Momentum Asset Management.