Placemark Selected to Participate in New Piper Jaffray Unified Managed Account Program Using Application From CheckFree
Monday April 19, 12:41 pm ET
- New open-architecture program gives firm's advisors and clients the ability to integrate multiple investment products and features in a single managed account -
BOSTON, April 19 /PRNewswire/ -- Piper Jaffray & Co., a focused securities firm headquartered in Minneapolis, Minn., has selected Placemark Investments, Inc. to provide overlay portfolio management services and CheckFree Investment Services, a division of CheckFree Corporation (Nasdaq: CKFR - News), to provide technology solutions as part of a new fee-based Unified Managed Account (UMA) program Piper Jaffray will offer to its clients through its more than 800 financial advisors. The program is currently under development, and will be offered through a select set of Piper Jaffray advisors in the second quarter, with a firm-wide rollout anticipated mid-year.
The new UMA provides open architecture, allowing advisors to customize asset allocation blends for their clients combining third-party investment manager model portfolios, exchange traded funds (ETFs) and mutual funds into a single account to deliver a tailored product for each client. Advisors can also choose from several pre-defined product combinations based on Piper Jaffray's proprietary asset allocation models. Piper Jaffray anticipates the new Unified Managed Account program will start with a minimum account size of $250,000.
Placemark Investments will be serving as the overlay portfolio manager in the new UMA program. As the overlay manager, Placemark will work with the designated investment managers to receive, process, and implement their portfolios in client accounts. As an optional service, Placemark's proprietary tax-optimization process will be available for tax sensitive clients looking to improve their overall after-tax return. In addition to its overlay management services, Piper Jaffray will utilize Placemark's web-based technologies for account setup and maintenance.
Piper Jaffray and Placemark will utilize APL-MSP, multiple strategy portfolio functionality from CheckFree Investment Services to provide sub- accounting of securities within the Unified Managed Account product. The APL- MSP application allows performance reporting and account holdings to be viewed both at the aggregate account level as well as for each underlying investment manager, ETF, or mutual fund. Demand for the overlay management capability has been strong among CheckFree's client base.
"Piper Jaffray has been very thoughtful in the process of developing this program. We're leveraging all of our experience in building successful programs, and anticipate a well integrated implementation," said Lee Chertavian, CEO of Placemark Investments. . .
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