CKFR Checkfree Corp (MM)

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/

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