Kestrel's Karousel product provides an application set specifically designed for the buy-side of the fixed-income marketplace. Karousel offers allocation, compliance, and portfolio management functionality. Karousel offers an architectural variant from our sell-side product that incorporates computational server clusters derived from Kestrel's Katalyst product family along with new lightweight “on-demand” client components. Clustering technology was introduced to make tractable highly complex computational functions. Significantly, the cluster-based back end also supports Kestrel's next generation sever-centric buy-side system with a very thin client suitable for deployment in a hosted or ASP environment.