News from CF's Portfolio services division:
biz.yahoo.com
CheckFree Investment Services Launches Tax-Aware Account Adjuster
ATLANTA, Dec. 15 /PRNewswire/ -- CheckFree Investment Services today announced the availability of its new tax-aware trading tools to professional money manager and financial advisor clients of the CheckFree APL and APL WRAP systems. CheckFree APL WRAP is a trade modeling, routing and portfolio analysis system that serves as the information conduit between many of the leading wrap managers and wrap sponsors (broker-dealers) in the nation. In addition, CheckFree APL allows money managers to enter and maintain account data, manage trades and measure portfolio performance at the same time. CheckFree Investment Services is the leading outsourcing provider of automated investment management, trading, portfolio performance and reporting systems used by professional money managers and financial advisors.
The new tax-aware account adjuster enables portfolio managers to interactively view and manipulate tax lot level holdings in order to minimize tax consequences. The resultant recommended trade can be sent to the order management portion of the CheckFree trading system and routed further for electronic execution.
``Tax-aware money management is the most important trend in the investment business today. Our clients are leaders in managing high net worth portfolios, and we are responding to their need for greater automation of the investment process,' said James Waller, senior vice president CheckFree Investment Services. ``This new tool will enable managers to view concise tax- aware data for making appropriate tax sensitive trading decisions at the individual investor level.'
Implemented in November of this year, CheckFree's new interactive trade modeling and reporting tools address the concerns of single account to multiple security processing. For example, a manager with two identical security positions within the same client portfolio but with different tax liabilities, can now automatically make tax-sensitive decisions on-line for each respective taxable account, through the CheckFree APL or APL WRAP trading environment.
CheckFree Investment Services is extending its technology leadership in an area viewed with increasing urgency by asset management professionals. CheckFree Investment Services is providing these automated tools to highlight the tax implications of trades and further illustrate gain/loss information based upon short and long term tax rates for taxable accounts. Prior to the release of this automated tool, management professionals would manually sort through hardcopy reports before executing a tax-aware trade. The new CheckFree technology greatly minimizes their work and enhances the timeliness and efficacy of their decision making by refining and automating this process.
This functionality is also supported by five new on-line reports, including a portfolio summary, holdings detail, tax implications for holdings, statement of changes and performance, and a client restriction table.
About CheckFree
CheckFree Corporation (http://www.checkfree.com ), is the leading provider of financial electronic commerce services and products. Founded as an electronic payments processor in 1981, CheckFree launched the first fully integrated electronic billing and payment solution, CheckFree E-Bill, in March of 1997. Today, CheckFree services enable three million consumers to receive and pay bills over the Internet or electronically. The Company has multi-year contracts with 77 of the nation's top billers to provide online billing and payment through its network of partnerships with consumer service providers (CSPs), including banks, brokerage firms, Internet portals and content sites, and personal financial management (PFM) software.
Based in Jersey City, N.J., CheckFree Investment Services' staff of more than 250 professionals nationwide, provide a comprehensive range of investment management services to thousands of financial institutions. CheckFree clients manage over 700,000 portfolios totaling more than $400 billion in assets, through the company's CheckFree APL and CheckFree APL WRAP systems. The APL system is UNIX-based (IBM RS/6000), and available to asset management and broker/dealer firms on a service bureau or in-house basis. |
