Checkfree Corp (MM) (NASDAQ:CKFR)
Historical Stock Chart
From Jul 2019 to Jul 2024
Raymond James Financial to Migrate 100,000 Accounts to CheckFree
APL
-- Financial Firm to Deploy CheckFree APL in its Broker-Dealer and Money
Management Businesses; Brings New Top 10 Client to CheckFree Investment
Services --
ATLANTA and JERSEY CITY, N.J., Oct. 26 /PRNewswire-FirstCall/ -- 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.
About Raymond James Financial, Inc. ( http://www.raymondjames.com/ )
Raymond James Financial (NYSE:RJF) is a Florida-based diversified holding
company providing financial services to individuals, corporations and
municipalities through its subsidiary companies. Its three wholly owned
broker/dealers, Raymond James & Associates, Raymond James Financial Services
and Raymond James Ltd. have more than 5,200 financial advisors serving 1.3
million accounts in 2,200 locations throughout the United States, Canada and
overseas. In addition, total client assets are currently over $100 billion, of
which more than $22 billion are managed by the firm's asset management
subsidiaries, which are focused on providing high quality asset management to
its retail and institutional clients.
About Eagle Asset Management, Inc. ( http://www.eagleasset.com/ )
Eagle Asset Management has provided a diverse array of disciplined investment
programs designed to meet the unique needs of both individual and institutional
investors for more than a quarter century. Our goal is to provide clients with
superior risk-adjusted returns as the cornerstone of a successful long-term
investment program. Our staff of more than 40 investment professionals
currently manages approximately $8.5 billion in equity and fixed income
programs.
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 Durham NC, 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 1.7
million portfolios totaling over $1 trillion 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/ )
Founded in 1981, CheckFree Corporation (NASDAQ:CKFR) provides financial
electronic commerce services and products to organizations around the world.
CheckFree Electronic Commerce solutions enable thousands of financial services
providers and billers to offer their customers the convenience of receiving and
paying their household bills online or in person through retail outlets.
CheckFree Investment Services provides a broad range of investment management
solutions and outsourced services to thousands of financial services
organizations, which manage more than $1 trillion in assets. CheckFree Software
develops, markets and supports software applications that are used by financial
institutions to process more than two-thirds of the 10 billion Automated
Clearing House transactions in the United States. The division also provides
global trade processing, reconciliation, financial messaging, compliance and
electronic billing and statement software to hundreds of organizations across
the globe.
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,
2004 (filed September 3, 2004). 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.
DATASOURCE: CheckFree Corporation
CONTACT: Media relations, Judy DeRango Wicks, +1-678-375-1595, or
, or Investors, Tina Moore, +1-678-375-1278, or
, both of CheckFree
Web site: http://www.checkfreecorp.com/
http://www.raymondjames.com/
http://www.eagleasset.com/
http://www.checkfreeinvsvcs.com/