WEDGE Capital Management to Use APL-MSP, CheckFree's Multiple Strategy Portfolio Solution
07 Junho 2004 - 11:01AM
PR Newswire (US)
WEDGE Capital Management to Use APL-MSP, CheckFree's Multiple
Strategy Portfolio Solution -- First institutional investment
manager to utilize APL-MSP functionality -- ATLANTA and JERSEY
CITY, N.J., June 7 /PRNewswire-FirstCall/ -- CheckFree Investment
Services, a division of CheckFree Corporation (NASDAQ:CKFR), today
announced that Charlotte, NC-based WEDGE Capital Management is the
first institutional investment manager to license CheckFree APL(SM)
MSP, CheckFree's multiple strategy portfolio functionality.
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. "Until now, retail separate account
managers have relied on CheckFree APL-MSP, but there is great value
in the platform for the institutional investor as well," said Alex
Marasco, CheckFree Investment Services executive vice president and
general manager. "WEDGE Capital Management recognizes the value
APL-MSP brings to its approach of managing institutional separate
accounts, by fine-tuning an array of investment decisions right
down to a particular holding and tax-lot, and completely automating
through technology what is often a manually-based process." Assets
flowing into separately managed accounts and interest in multiple
strategy portfolios continues to climb. Financial Research
Corporation reports that assets in separately managed accounts rose
29 percent last year to more than $500 billion. More than 35 client
firms of CheckFree Investment Services, including managers and
sponsors, are using APL-MSP to administer their multiple strategy
portfolios. The average asset size of a multiple strategy portfolio
on the CheckFree APL platform is $500,000, and CheckFree Investment
Services has seen the growth of these accounts increase by 300% in
one year. WEDGE Capital Management has $4.1 billion in assets under
management, of which 97 percent is invested for institutional
clients. WEDGE Capital Management offers a host of equity, fixed
income and balanced strategies and utilizes APL-MSP to assist the
firm in managing its family of multiple strategy portfolios. "With
APL-MSP, we can trade a particular security in a targeted style
without affecting that same security in other styles," said Brad
Horstmann, WEDGE Capital Management executive vice president.
"CheckFree's APL-MSP tool tags the specific holding at the tax-lot
level, giving us the flexibility and precision necessary to effect
our investment decisions." CheckFree introduced APL-MSP in 2002. As
the industry's first set of trading, reporting and back-office
tools for multi-style portfolios, APL-MSP supports portfolios
consisting of internal or "affiliated" managers of a sponsor firm,
as well as "best-of-breed" programs: multi-style accounts with
unaffiliated managers and an overlay manager who retains control
and makes changes according to a portfolio's performance
objectives. With best-of-breed programs, investors receive all the
benefits of a team of managers who bring their respective style
expertise and trading strategies to an account. 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 WEDGE Capital Management
L.L.P. ( http://www.wedgecapital.com/ ) Independently owned WEDGE
Capital Management was founded in 1984 to manage stock, bond and
balanced portfolios in a consistent, disciplined and value-
oriented manner. WEDGE Capital Management L.L.P. is based in
Charlotte, North Carolina. 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 1.5 million
portfolios totaling $900 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 March 31, 2004, more than 13 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
essentially all the bills most common to a U.S. household.
CheckFree delivers 22.5 million e-bills each quarter. 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,
financial messaging, workflow and compliance software and services
to more than 600 organizations in the banking, brokerage,
investment management, 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. 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), Quarterly
Report on Form 10-Q for the quarter ended September 30, 2003 (filed
November 13, 2003), Quarterly Report on Form 10-Q for the quarter
ended December 31, 2003 (filed February 12, 2004), and Quarterly
Report on Form 10-Q for the quarter ended March 31, 2004 (filed May
14, 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, Judy
DeRango Wicks, +1-678-375-1595, or , or Investor relations, Tina
Moore, +1-678-375-1278, or , both of CheckFree Corporation Web
site: http://www.checkfreecorp.com/ http://www.wedgecapital.com/
http://www.checkfreeinvsvcs.com/ Company News On-Call:
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