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Placemark Investments Receives New Funding to Continue Rapid
Growth in Managed Accounts Industry
Pioneering Overlay Portfolio Management Firm Prepares For Rapid Unified Managed
Account Growth
DALLAS, July 12 /PRNewswire/ -- Placemark Investments announced it has added a
new round of growth capital from Ascent Venture Partners and North Hill
Ventures, further strengthening its position as a leading provider of overlay
portfolio management (OPM) services for separately managed accounts. The
financial terms and amount were not disclosed.
Placemark Investments helped pioneer the OPM service that is spearheading the
unified management account (UMA) industry for top brokerage and investment
advisory firms. The Tower Group has stated that the overlay management
services market is growing at 148% annually, and will be a $237 million
industry by 2007. UMAs are new investment vehicles that incorporate multiple
unaffiliated separate account managers, mutual funds, exchange traded funds
(ETFs), and other investment products into a complete, customized asset
allocation, while also assessing tax implications and risk tolerances unique to
each client. The Tower Group has estimated assets in managed accounts will
rise to over $1 billion by 2007.
The new funding is the latest in a series of developments with Placemark, all
contributing to the firm's growing marketplace momentum. These include an
expanded relationship with CheckFree Investment Services, a division of
CheckFree Corporation (NASDAQ:CKFR), to provide next-generation UMAs to
broker/dealers and investment advisory firms, and a significant new client,
Piper Jaffray & Co.
"Unified managed accounts are rapidly becoming the vehicle of choice for both
advisors and investors in the separately managed accounts marketplace," said
Brian Girvan, Partner at Ascent Venture Partners. "Placemark is a leader in
providing the OPM services that is at the heart of the UMA product. The demand
the firm is now seeing for its platform is the most powerful endorsement
possible of the success of its approach. We are excited to be investors in
this company."
"UMAs are simply a better way of delivering separately managed accounts to
investors, and the marketplace is responding to this superior mix of features,"
said Lee Chertavian, chief executive officer at Placemark Investments. "This
new round of funding positions us to continue to meet the growing demand for
our services."
About Placemark Investments
Founded in 1999, Placemark Investments is a Registered Investment Advisor and
investment management technology firm, dedicated to delivering highly
customized and tax-optimized separate account solutions to trusted advisors and
their clients. Placemark combines the input of top institutional investment
management firms with client-specific restrictions and tax considerations to
build customized portfolios that seek to maximize each investor's after-tax
return. Placemark's solutions are available through a network of over 5,000
investment advisors nationwide via the Placemark Select separate account
program, and to other program sponsors who wish to offer Unified Managed
Account products within their current sponsored separate account program via
Placemark's Overlay Portfolio Management Services. Placemark operates from
Wellesley, Mass. and Dallas, Texas. For more information, please visit the
company's website at http://www.placemark.com/.
About Ascent Venture Partners
Ascent Venture Partners (http://www.ascentvp.com/) is a Boston-based venture
capital firm that provides early and growth stage financing to outstanding
entrepreneurs located in the northeastern U.S. Founded in 1985, Ascent manages
approximately $390 million across four funds. Ascent focuses on technology
related markets, including network management & communication systems,
enterprise software, specialized IT services, security and storage technologies
and industrial technology. With over 90 years of combined private equity
experience and an extensive network of professional resources, the Ascent
investment team provides committed, strategic support to the firm's portfolio
companies.
About North Hill Ventures
North Hill is the venture capital affiliate of Capital One Financial
Corporation, the multi-billion dollar financial services company. Founded in
1999 and based in Boston, North Hill Ventures is focused on investing in
emerging financial services, information technology and direct marketing
companies. In addition to Austin Logistics, the North Hill portfolio includes
investments in Compete, Exchange Solutions, and OpenPages. Additional
information can be found at the firm's website at
http://www.northhillventures.com/.
DATASOURCE: Placemark Investments
CONTACT: David Jacobson of Placemark Investments, +1-781-237-7252, ext.
223, ; Press - Alyson Nikulicz of MacMillan
Communications, +1-212-473-4442, , for Placemark
Investments
Web site: http://www.placemark.com/
http://www.ascentvp.com/
http://www.northhillventures.com/