CorrectNet Expands Senior Executive Team as Clients vie for Institutional Assets

2 December 2008

CorrectNet, Inc., the leading managed service in information delivery and client reporting for many of the world’s largest investment management firms, today announced a significant expansion of its board and management team in the face of increased client activity, primarily driven by market competition for institutional assets. Aron Miodownik has been appointed as Executive Chairman of the Board and Bill Cline joins as a board member, while two senior industry executives join the management team.

“I’m delighted to have Aron serve as CorrectNet’s Chairman of the Board. Mr. Miodownik’s depth and breadth of experience with global technology in the financial services arena will be invaluable as we serve our clients in finding and addressing opportunities in these challenging times,” said Robert J. Miller, CEO CorrectNet. “With the addition of Mr. Cline as a Board member, we’re bringing a wealth of industry expertise and a broad network of experience to the board room. I couldn’t be happier with the increased strength of the directorship of the firm and our management team.”

In a parallel move, to meet the increased implementation requirements of a growing client base, CorrectNet has added Peter Lennon as Senior Vice President, Project Management. Lennon joins from Lehman Brothers where he was the VP Project Manager across several business groups. Previously, he was with Bank of New York (Pershing) and TD Waterhouse.

CorrectNet also announced the appointment of Bridget Piraino as Director of Marketing and Alliances. Ms. Piraino has extensive executive experience and has led marketing strategies for global organizations in the financial services technology industry including AssetControl, SeeBeyond, TIBCO and Sybase. Prior to Sybase, she was with Goldman Sachs Fixed Income Research.

“We live in tough times, which require tough solutions. Clients are recognizing the value of CorrectNet’s efficient managed solutions in the face of accelerating competition and market uncertainty,” said Mr. Miodownik. “CorrectNet has made its name with the largest asset and fund managers who have implemented its unique client reporting service, which provides full transparency into the processes and data underpinning the delivery of critical client information. It’s tough work and CorrectNet has the largest footprint in this space for a reason. They deliver results for their clients. I’m delighted to serve the board as its Chairman.” Mr. Miodownik leads Cambrian Associates, an advisory and consulting firm that serves CEOs, COOs, CIOs, VC, and Private Equity firms. Prior to founding Cambrian Associates, he held COO and CIO positions at Merrill Lynch and UBS, and was a senior manager at Accenture.

Mr. Cline is the managing partner of The Cline Group, which provides consulting, research services and training to the financial services industry. Formerly, Mr. Cline was the global managing partner of Accenture’s Global Capital Markets practice, and client partner for firms such as Goldman Sachs, NYSE, and NASDAQ. As the industry managing partner, he led major engagements such as the launch of new electronic markets such as the Intercontinental Exchange (ICE), FXall and the multi-year outsourced management of all trading floor operations for a large, global investment bank. Prior to Accenture, he was a successful entrepreneur and top executive at Rich Inc., FD Consulting, and a founder of Acai Solutions.

“Contrary to popular belief, the market is not dead. Institutional assets are already flowing back in, and asset managers are positioning themselves to increase market share while earning and retaining their investors’ trust. It’s a battlefield, and it’s no longer just about returns,” said Mr. Cline. “Investors demand transparency into the process and controls behind the information in their reports. Particularly in this climate, the CorrectNet managed service resonates with asset managers, funds and administrators alike, enabling them to focus on the business while using client reporting as a competitive advantage.”

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