CheckFree Investment Services Launches New Galaxy Functionality For Automating and Simplifying Transfer of Execution Prices Among Separately Managed Account Sponsors and Managers
Monday November 10, 8:01 am ET
ATLANTA and JERSEY CITY, N.J., Nov. 10 /PRNewswire-FirstCall/ -- CheckFree Investment Services, a division of CheckFree Corporation (Nasdaq: CKFR - News), today announced new progress in an industry drive to simplify workflow procedures in separately managed accounts, with new Galaxy functionality that automates the transfer of execution prices among sponsors and managers. Galaxy refers to the transfer of data among a vast network of sponsors and managers on CheckFree APL, the premier separately managed accounts platform. 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.
Separately managed account managers often participate in numerous sponsor programs. Prior to the new Galaxy functionality, managers were required to manually log into each sponsor platform to obtain and post execution prices. "Our new Galaxy tool is significant in helping managers eliminate several manual steps, providing tremendous time savings and efficiencies," said Alex Marasco, CheckFree Investment Services executive vice president and general manager.
The new Galaxy functionality automatically sends prices to a manager's directory upon execution of a trade block. The process is mirrored for managers submitting blocks to the sponsor's directory for execution: once the trade is fully executed on the sponsor's directory, prices are automatically sent back to the manager and applied to their directory.
"We have completely embraced this new Galaxy functionality from CheckFree," said Dymphna Hurley, wrap trader with Boston-based Frontier Capital Management Company LLC. "It enables our firm to efficiently capture execution prices from our broker/dealer relationships, which means that our accuracy rate increases and I save more time." Frontier Capital has been a client of CheckFree APL since 1992.
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. . .
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