Customer growth, expanded connectivity to sponsor systems, and increased functionality positions Vestmark as the leading next generation platform for efficient and scalable support of managed account products
Wakefield, MA - October 18, 2006 - Vestmark today announced increased momentum in the fast-growing managed accounts market, highlighted by strong customer growth, an expanded connectivity offering, and increased functionality. Assets under management (AUM) on the Vestmark Managed Accounts Platform (VMAP) stand at over $20 billion representing over 60,000 unique accounts. This growth has been driven by the product innovation, compliance support and operational efficiencies VMAP provides to Vestmark customers and partners.
"Until recently, the managed accounts industry was served by archaic solutions that are prone to errors, require extensive manual operations, offer little to support compliance mandates, and limit the financial products available," said David Blundin, CEO of Vestmark. "VMAP is a modern, web-based technology platform providing complete functionality and connectivity for investment managers, overlay managers, plan sponsors, and operations outsourcing service providers. VMAP was designed from inception to support the scalability, efficiency, and product flexibility requirements of the managed accounts industry. Operations outsourcing service providers using the Vestmark platform are able to offer a higher degree of service and operational efficiency to investment managers, overlay managers, and plan sponsors."
The Money Management Institute (MMI), the national organization for the managed account solutions industry, announced on August 25, 2006 that assets under management in separately managed accounts increased $37.4 billion during the second quarter of 2006. Total assets increased 5.8% during 2Q06 reaching $773.8 billion, compared with a 5.1% increase during 2Q05.
The number of industry accounts now stands at an estimated 2.63 million, up from 2.27 million, increasing 15% since 1Q06 and 26% in the past year.
"The industry continues to demand more efficient and scalable platforms in addition to higher levels of service which Vestmark has been providing to leading firms in the industry. Vestmark is financially strong, with no venture-backed funding, and continues to grow rapidly," said John Lunny, COO of Vestmark. "Vestmark attracts top talent thanks to its commitment to customer success, an experienced management team, innovative solutions, and a great culture."
Vestmark was voted "Best Places to Work" by the Boston Business Journal in June 2006. The honor recognizes the company's achievements in creating a positive work environment and culture that drives highly engaged employees and outstanding business results while giving employees the ability to achieve a work-life balance.
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Headquartered in Wakefield, Mass. and founded in 2001, Vestmark is a leading provider of portfolio management solutions and outsourced services for financial institutions and their advisors, enabling them to efficiently manage customized client portfolios through an innovative technology platform. Supporting over $1.5 trillion in assets and 5.5 million accounts, Vestmark is a partner to some of the largest and most respected wealth management firms. For more information about Vestmark’s solutions, call (781) 224-3640 or visit www.vestmark.com.
Elizabeth Shim
Haven Tower
(424) 317-4861
eshim@haventower.com
