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Principal Global Investors Enters into Separately Managed Accounts with
CheckFree APL
ATLANTA and JERSEY CITY, N.J., Dec. 10 /PRNewswire-FirstCall/ -- CheckFree
Investment Services, a division of CheckFree Corporation , today announced that
Principal Global Investors has taken initial steps to provide managed accounts
for high net worth investors and is using the industry leading platform,
CheckFree APL, for trading, portfolio accounting, reporting and performance
measurement. Principal Global Investors is a member of Des Moines, Iowa-based
Principal Financial Group(R) . CheckFree Investment Services is the leading
provider of outsourced trading, portfolio management, accounting, reporting
services and data to broker/dealers and money managers in separately managed
accounts.
"We are delighted to have Principal Global Investors on CheckFree APL," said
Alex Marasco, CheckFree Investment Services executive vice president and general
manager. "Our range of efficient, cost-effective services and connections to
sponsor programs will help pave the way for a seamless and productive transition
into managed accounts."
With $110 billion in assets under management, Principal Global Investors has
made a commitment to expand its external distribution channels. "In speaking to
many of the broker-dealers with managed account programs, it became clear that
getting on CheckFree APL was important for us," said Doug Younkin, Principal
Global Investors managing director for third party distribution. Mr. Younkin is
marketing institutional products and capabilities to broker-dealers through
various platforms such as separately managed accounts, closed-end funds and
mutual funds. Principal Global Investors is currently participating in two
managed account sponsor programs.
"Broker-dealers that offer separately managed account platforms prefer aligning
with firms that offer multiple investment capabilities. Principal Global
Investors manages across a wide range of styles including equities, fixed income
and real estate," said Mr. Younkin. "They also want to work with financially
sound managers and Principal fits that bill as well."
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 39 of the top 50 Wall Street (sponsor) firms and 36 of the
top 40 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.
About Principal Global Investors ( http://www.principalglobal.com/ )
Principal Global Investors is a diversified asset management organization and a
member of the Principal Financial Group, with expertise in equities, fixed
income and real estate investments, as well as specialized overlay and advisory
services. Principal Global Investors manages $110 billion in assets, primarily
for retirement plans and other institutional clients.
About Principal Financial Group ( http://www.principal.com/ )
The Principal Financial Group(R) (The Principal(R))(1) is a leader in offering
businesses, individuals and institutional clients a wide range of financial
products and services, including retirement and investment services, life and
health insurance and mortgage banking through its diverse family of financial
services companies. A member of the Fortune 500, the Principal Financial Group
has $134.8 billion in assets under management(2) and serves clients worldwide
from offices in Asia, Australia, Europe, Latin America and the United States.
Principal Financial Group, Inc. is traded on the New York Stock Exchange under
the ticker symbol PFG.
About CheckFree Investment Services ( http://www.checkfreeinvsvcs.com/ )
Headquartered in Jersey City (NJ), CheckFree Investment Services provides a
broad range of investment management services to thousands of financial
institutions. The company's staff of 350 professionals operates from six
offices nationwide, including Research Triangle Park, location of its M-
Solutions software applications: M-Search, the leading separate accounts manager
database and analytical tool; M-Pact, a Web-based, enterprise solution for
manager analysis, reporting and proposal generation; and M-Watch, a performance
reporting and measurement system. Clients of CheckFree Investment Services
manage 1.3 million portfolios totaling $731 billion in assets. The CheckFree
APL platform is leveraged by asset management, broker/dealer firms and
investment advisors on a remote processing basis.
About CheckFree ( http://www.checkfreecorp.com/ )
CheckFree (NASDAQ:CKFR) is the leading provider of financial electronic commerce
services and products. Founded in 1981 and celebrating its 23rd year in
e-commerce, CheckFree is comprised of three divisions: Electronic Commerce,
Software, and Investment Services. CheckFree launched the first fully integrated
electronic billing and payment solution in 1997. In the quarter ended September
30, 2003, more than 11 million consumers initiated online payments through
services offered by CheckFree's Electronic Commerce division. Electronic billing
and payment is available through more than a thousand financial services
organizations, including banks, brokerage firms, Internet portals and personal
financial management (PFM) software. At these sites, consumers are able to
electronically receive and pay about 300 bills, representing the bills most
common to a U.S. household. CheckFree delivers nearly 15 million e-bills each
quarter.
(1)"The Principal Financial Group" and "The Principal" are registered trademarks
of Principal Financial Services, Inc., a member of the Principal Financial
Group.
(2)As of Sept. 30, 2003.
CheckFree's Software division provides solutions through three operating units:
CheckFree ACH Solutions, CheckFree Financial and Compliance Solutions (CFACS),
and CheckFree i-Solutions. CheckFree ACH Solutions provides software and
services that are used to process more than two-thirds of the nation's nine
billion Automated Clearing House payments, while CFACS provides reconciliation
and compliance software and services to more than 500 organizations in the
banking, brokerage, utility, retail, insurance and credit card industries, among
others. CheckFree i-Solutions is the leading provider of e-billing and
e-statement software and services for both business-to- consumer and
business-to-business applications, with more billers as clients than all of its
competitors have combined.
Certain of CheckFree's statements in this press release are not purely
historical, and as such are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These include statements
regarding management's intentions, plans, beliefs, expectations or projections
of the future. Forward-looking statements involve risks and uncertainties,
including without limitation, the various risks inherent in CheckFree's
business, and other risks and uncertainties detailed from time to time in
CheckFree's periodic reports filed with the Securities and Exchange Commission,
including CheckFree's Annual Report on Form 10-K for the year ended June 30,
2003 (filed September 15, 2003), and Quarterly Report on Form 10-Q for the
quarter ended September 30, 2003 (filed November 13, 2003). One or more of these
factors have affected, and could in the future affect CheckFree's business and
financial results in future periods, and could cause actual results to differ
materially from plans and projections. There can be no assurance that the
forward-looking statements made in this press release will prove to be accurate,
and issuance of such forward-looking statements should not be regarded as a
representation by CheckFree, or any other person, that the objectives and plans
of CheckFree will be achieved. All forward- looking statements made in this
press release are based on information presently available to management, and
CheckFree assumes no obligation to update any forward-looking statements.
Editor's Note: For media inquiries regarding CheckFree Investment
Services, please contact Tim Lane with Aah!Communications, Inc. at
212-685-7322 or tlane@aahcommunications.com
DATASOURCE: CheckFree Corporation
CONTACT: Judy DeRango Wicks, Media relations, +1-678-375-1595,
, or Tina Moore, Investor relations,
+1-678-375-1278, , both of CheckFree Corporation
Web site: http://www.checkfreecorp.com/
http://www.principalglobal.com/
http://www.principal.com/
http://www.checkfreeinvsvcs.com/
Company News On-Call: http://www.prnewswire.com/comp/821650.html