PFPC Inc., a member of The PNC Financial Services Group, Inc. and the nation's largest full-service mutual fund transfer agent, announced today that its managed account services group has entered an exclusive service agreement to market and provide the ADVISORport managed account platform to managed account sponsors nationwide. The agreement will allow PFPC to add separate accounts and multi-strategy accounts to its array of managed account products and services.
The platform will be offered by PFPC's managed account services group in conjunction with PFPC's current mutual fund managed account platform, AssetDirections(SM). "ADVISORport's multi-product platform when combined with PFPC's industry-leading mutual fund-based program, AssetDirections, represents a best-of-breed offering to the managed account industry. PFPC will now be able to deliver any type of managed account servicing to and through its client firms," said Thomas P. Sholes, senior vice president and managing director responsible for PFPC's managed account services. "We are excited about this market, our offerings and the opportunity this creates for our companies."
Managed accounts and separate accounts represent a dramatically growing field in the financial services industry. According to Financial Research Corporation, a Boston-based research and consulting firm, separately managed accounts have been growing at a 21% compounded annual growth rate since 1996. FRC expects this growth to continue with potential assets under management approaching $1 trillion by 2005 and topping $2 trillion by 2010.
AssetDirections' comprehensive managed account services also include investor profiling, transaction processing, shareholder accounting, asset allocation model management, performance measurement and sales reporting. The product is delivered privately labeled for brokerage, insurance, banking and financial planning organizations.
ADVISORport is an Internet-based application service provider (ASP) serving the enterprise market including broker-dealers, bank/trust companies, insurance companies, networks of independent advisors and money management firms. Gregory S. Horn, ADVISORport founder and chief executive officer, said, "Teaming with PFPC will allow us to continue to grow our asset base while introducing enhanced capabilities and services. It will also advance our reputation as one of the most innovative advisory platform in the marketplace."
Philadelphia-based ADVISORport fully integrates separate account money managers, multi-strategy accounts, mutual fund and hedge fund product solutions with client profiling tools, asset allocation analysis, performance monitoring, rebalancing models and customized proposal and report generation. ADVISORport services accounts representing nearly $2 billion for 90 clients including broker/dealers, banks, trust companies, independent investment advisor and advisory arms of accounting firms. More information is available at www.advisorport.com.
PFPC is the nation's largest full-service mutual fund transfer agent and second largest provider of mutual fund accounting services and a member of The PNC Financial Services Group, Inc. PFPC is also a leading provider of subaccounting and shareholder services, advanced output solutions through print mail services, retirement services, custody, securities lending, integrated banking transaction services and alternative investments services. For additional information about managed account products and services, please visit www.assetdirections.com or contact AssetDirections by email at assetdirections@pfpc.com.
The PNC Financial Services Group, Inc. (NYSE: PNC), headquartered in Pittsburgh, is one of the nation's largest diversified financial services organizations, providing regional community banking, corporate banking, real estate finance, asset-based lending, wealth management, asset management and global fund services.
This press release includes forward-looking statements with respect to PFPC's business. Forward-looking statements are often identified by future or conditional verbs such as "will," "plan," or "anticipate" or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, all of which may change over time. These forward-looking statements speak only as of the date of this press release, and neither PNC nor PFPC assumes any duty to update forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those anticipated in the forward-looking statements or historical performance: the inability to continue the development and implementation of the products and services described above; the introduction, withdrawal, success and timing of business initiatives and strategies; changes in political, economic or industry conditions, the interest rate environment or financial and capital markets; continued increases in competitive pressure in the markets in which these services will be offered; customer acceptance of the products and services described above; the impact, extent, timing, and cost of technological changes; undetected software bugs; possible product liability claims; possible inability to protect proprietary technology; possible infringement claims; and the impact, extent and timing of legislative and regulatory reforms, and regulatory, supervisory or enforcement actions of government agencies.
SOURCE: PFPC Inc.
CONTACT: Jeanette Harrison-Sullivan, PFPC, +1-302-791-1400, or
+1-508-871-9863, or jean.harrison-sullivan@pfpc.com; or Gregory Horn,
ADVISORport, +1-610-834-8910, or +1-610-834-8815 (fax), or
ghorn@advisorport.com
Web site: http://www.advisorport.com/
Web site: http://www.pnc.com/
http://www.assetdirections.com/
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/701257.html
