Financial Firm to Deploy CheckFree APL in its Broker-Dealer and Money Management Businesses; Brings New Top 10 Client to CheckFree Investment Services --
ATLANTA/JERSEY CITY (NJ) (October 26, 2004) — CheckFree Investment Services, a division of CheckFree Corporation (Nasdaq: CKFR), today announced that the Asset Management Services division of Raymond James Financial has licensed CheckFree APL for use within the firm’s broker/dealer and money management businesses. A conversion process, to begin this month, will result in approximately 100,000 portfolios migrating from the client’s in-house system to CheckFree’s industry leading, separately managed accounts platform. The deal, as measured by the number of accounts to be administered on CheckFree APL, represents a substantial client for CheckFree Investment Services. CheckFree Investment Services is the leading provider of outsourced trading, portfolio management, accounting, reporting services and data to broker/dealers, investment consultants and money managers in separately managed accounts.
"Raymond James, which is known for its emphasis on personalized service to investors, selected CheckFree APL to accelerate its growth plans," said Alex Marasco, CheckFree Investment Services executive vice president and general manager. "We’re told they were impressed with our continual investment and direction we’re taking with the underlying technology platform, and in workflows that keep CheckFree APL ahead of the curve in the separately managed accounts arena."
The Asset Management Services division of Raymond James Financial provides an operational, sales and marketing framework for much of the firm’s separately managed account fee-based programs including outside consultant wrap, mutual fund wrap, financial advisor discretionary and other fee-based brokerage businesses. Through Asset Management Services, CheckFree APL will support Raymond James Consulting Services program which introduces model portfolios based upon risk budgeting concepts utilized by institutional clients and consultants. The program goes beyond manager search and selection to develop an integrated portfolio of managed holdings, and incorporates the best tools to assist high net worth and smaller institutional clients in managing risk and selecting managers with identifiable skills. Raymond James has long leveraged CheckFree’s M-Search database, the leading investment manager database and analytical software tool, and will continue using it to perform due diligence on money manager relationships.
"From a connectivity standpoint, CheckFree APL is the system most managers are comfortable with," said Jeff Holland, vice president of Raymond James Consulting Services. "The interfaces will also help our managers consolidate the number of external connections they need to make to outside sponsor programs already on CheckFree APL."
CheckFree APL will also be utilized by the firm’s wholly-owned asset management subsidiaries: Eagle Asset Management and Awad Asset Management. For nearly twenty-five years, Eagle Asset Management has offered an array of high quality, disciplined investment programs designed for the particular needs of individual and institutional investors. Eagle’s goal is to provide clients with superior risk-adjusted returns as the cornerstone of a successful long-term investment program. Awad Asset Management specializes in small-cap investment management for individuals, retirement plans, trusts, foundations, estates, corporations and mutual funds. Both managers look to benefit from the CheckFree APL interfaces to Raymond James and outside sponsor programs. Awad and Eagle will also utilize CheckFree APL’s trading, portfolio management and performance measurement/reporting capabilities.
Looking ahead, the firm plans to utilize CheckFree APL’s multiple strategy portfolio (MSP) functionality as the Raymond James Consulting Services arm creates multiple-style accounts within its separate accounts product area. "CheckFree APL offers robust trading tools to efficiently trade multiple strategy portfolios across various sleeves," said Holland.
Multiple Strategy Portfolios provide for the diversified management of a single account, encompassing the investment strategies of multiple money managers. CheckFree APL enables the program sponsor firm to offer a wide variety of investment strategies to their client, while seamlessly including any combination of in-house and external managers. CheckFree APL treats Multiple Strategy Portfolios as a single account with sub-models, thereby averting trading and reconciliation discrepancies.
CheckFree APL serves as the leading separately managed accounts platform, providing remote processing services to sponsor firms, money managers and financial advisors for the automation of investment management, trading, portfolio performance and investor reporting. CheckFree APL’s open platform enables approximately 80 of the top Wall Street (sponsor) firms and 125 managers to interface with each other, and operate in a straight-through processing environment. Institutional money managers also use CheckFree APL to enter and maintain account data, manage trades and measure portfolio performance.