CheckFree Announces Agreement with State Street Research to Provide Portfolio Trading and Accounting Services
ATLANTA, GA, January 25, 1999 -- Citing continuing growth across both CheckFree APL and APL WRAP product lines, CheckFree (NASDAQ:CKFR) today announced a new agreement with Boston-based State Street Research & Management Co. Through the agreement, CheckFree will provide State Street Research's Private Client Group with portfolio trading and accounting services.
Under the agreement, CheckFree's APL WRAP service will provide State Street Research with interface data links that will allow for the automatic updating and reconciling of client accounts within State Street Research's Private Client Group.
"We could not be happier about having State Street Research & Management Co. on board," said Jamie K. Waller, senior vice president of CheckFree's Investment Services division. "We look forward to supporting their account processing and toward helping them expand into the managed accounts business. This further confirms APL WRAP's continued market leadership in the managed accounts industry."
Matt Beaudry, co-director of State Street Research's Private Client Group, added, "We are pleased to be working with CheckFree. We are excited about expanding the managed accounts aspect of our business, and look forward to working with CheckFree to help us do this."
About State Street Research & Management Company
State Street Research & Management Co., one of the nation's first investment management organizations, has been helping investors work toward their financial goals for more than 70 years. The Boston-based firm is a subsidiary of Metropolitan Life Insurance Co., one of the world's largest financial services companies. As of Nov. 30, 1998, State Street Research managed $53 billion in assets, of which $36 billion represented institutional client assets. The firm manages money for nine of the 10 largest U.S. corporate pension plans, public employee pension plans, mutual funds for more than 550,000 shareholder accounts, as well as individually managed accounts for affluent individuals. Visit the firms Web site at www.ssrfunds.com.
About CheckFree Investment Services
CheckFree Investment Services offers CheckFree APL and CheckFree APL WRAP, which include portfolio accounting, performance measurement, trading and reporting services to financial institutions. CheckFree APL and CheckFree APL WRAP are currently used by more than 225 institutions managing over 540,000 portfolios. These portfolios total more than $400 billion in assets.
About CheckFree
Founded in 1981, CheckFree (www.CheckFree.com), the operating subsidiary of CheckFree Holdings Corp., is the leading provider of electronic commerce services, software and related products for more than 2.5 million consumers, 1,000 businesses and 850 financial institutions. CheckFree designs, develops and markets services that enable its customers to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure transactions on the Internet.
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