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Axioma, Inc. Launches Financial Services Division

New Division Delivers Proven Decision-Support Technology and Services to the Financial Services Industry

NEW YORK CITY, NEW YORK -- August 21, 2001 -- Axioma, Inc. today announced the formation of a Financial Services Division, dedicated to serving the financial services industry with state-of-the-art decision-support technology and services. Axioma has already released its flagship financial services product, PortfolioOpt, a decision-support tool that empowers professionals to quickly and confidently identify optimal investment strategies. Additionally, the firm has formed a Financial Services Advisory Board and launched a new web site, axiomainc.com/finance, which delivers pertinent and accurate information about decision-support tools and services for the financial services industry.

Axioma provides optimization-based decision-support software and consulting services that deliver optimal solutions to clients’ complex business problems. Through client engagements with leading financial institutions, Axioma identified an unmet need for optimization-based, decision-support software and services in the financial services industry. In turn, Axioma has increasingly focused on developing solutions where its capabilities intersect the specific needs of this community.

The firm’s flagship financial services product, PortfolioOpt, is designed explicitly for the asset management process. Using PortfolioOpt, portfolio managers and researchers can test more investment strategies in a fraction of the time compared to other commercially available software. Based on proprietary optimization algorithms, PortfolioOpt is up to 20 times faster than any existing commercial product, while achieving greater accuracy and flexibility. This performance allows asset managers to solve realistic problems including problems with restrictions on the number of holdings or trades, multiple risk constraints, minimum holdings on securities, minimum trades, linear and non-linear transaction costs, market impact estimates, and much more. In turn, financial services professionals can make better, faster decisions, and thus, provide superior investment services to their clients.

"Forming the division signals our commitment to the financial services industry," said Dr. Sebastian Ceria, President and CEO of Axioma. "It also shows our ability to apply our proven decision-support experience to the industry through innovations that have tremendous benefit for our customers. We are confident in our ability to serve this market and feel that the opportunity for our company in financial services is unlimited."

In May of 2001, Axioma announced the formation of a Financial Services Advisory Board, a five-member panel charged with guiding development priorities and positioning for Axioma’s financial services product line. Current Advisory Board members include Todd Doersch, former CEO of Barra RogersCasey, Daniel J. Cardell, former Director of Equities at Weiss, Peck & Greer in New York, Douglas DiPasquale, former Managing Director and Head Equity Trader at Weiss, Peck & Greer, Marco Avellaneda, Professor of Mathematics and Director of the Division of Financial Mathematics at the Courant Institute of Mathematical Sciences of New York University, and Mark Broadie, a professor at the Graduate School of Business at Columbia University. The Boards’ extensive knowledge and familiarity with the financial services market will serve as a valuable resource for Axioma management as the firm expands into the financial services industry.

In addition, the firm has launched a new web site designed specifically for financial services professionals. The site, axiomainc.com/finance, makes it fast, easy and convenient for financial services professionals to obtain pertinent and accurate information about decision-support tools and services for their industry.