Fidelity signed onto Code Red's flagship product, Red Alerts RMSâ¢, after a lengthy due diligence process and a proof of concept trial with competitive vendors. Fidelity chose Red Alerts RMS due to its ease of use, leading technology, and its open and flexible architecture. At the completion of the implementation, Fidelity will have close to 400 users globally outside of North America using the Red Alerts RMS to manage Equity, Fixed Income, and Fund of Fund research.
"We are delighted to be working with Code Red. Red Alerts provides a great support for our global cross-asset research and the product's technical architecture gives us confidence that it will continue to keep pace with emerging business requirements," said Adam Tracey, Head of Equity and Research Technology at Fidelity International.
The signing of Fidelity capped a year in which Code Red grew its client base by 62% over 2009. The past year saw a diversification of its client base from buy-side hedge funds and asset managers into the fund of funds, foundations, and endowment space. Just over 40% of new clients came from this sector. Code Red also grew geographically by signing clients in Canada, Europe, and Asia, and has recently opened a London office for the provision of support to its expanding European clientele.
Additional highlights from 2010 include the signing of a top 5 global hedge fund, endowments such as MIT and Dartmouth, and large European firms like Odey Capital. Red Alerts RMS also replaced competitive systems at 6 different firms. Code Red also expanded its offering for mobile users of Red Alerts by introducing a native iPad application.
"We at Code Red are thrilled by our record growth year in 2010," said Code Red CEO Tim Gavin. "More and more firms are realizing the necessity and competitive advantage of having a centralized research repository and investment workflow tool. The increased regulations and regulatory scrutiny of money managers makes having an RMS essential, and Code Red provides the leading technology solution. The winning of Fidelity validates Code Red as having the leading RMS. All signs indicate another very positive year for 2011 with several new clients already on board this year."