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Wakefield, MA - July 22, 2004 - Vestmark, a leading provider of managed accounts technology, today announced that it has completed its acquisition of LifeHarbor, a Cambridge, MA based provider of portfolio manufacturing technology to financial institutions and wealth management firms. Vestmark will utilize LifeHarbor's flagship product, Private Portfolio Manager™, to provide industry-leading risk management and tax optimization capabilities in traditional separately managed accounts as well as multiple style and unified managed accounts.
Vestmark's acquisition of LifeHarbor has been widely endorsed by investment managers, distributors and service providers alike.
Sue Fowler, Senior Vice President of Private Portfolio Services at MFS, stated, "I am very pleased to see these two companies unite. LifeHarbor's extensive portfolio manufacturing capabilities compliment Vestmark's overall processing platform for single style and multiple style managed accounts." Fowler added, "It's not just the technology. We know from experience that Vestmark is adding top-notch talent from the LifeHarbor team."
"Overlay portfolio managers, financial advisors, and their clients will benefit from the risk and tax management capabilities that Vestmark will bring to market with the acquisition of LifeHarbor," noted Mark Casady, President of Linsco/Private Ledger.
David Blundin, CEO of Vestmark, said, "The acquisition of LifeHarbor completes our Managed Accounts Platform for servicing overlay portfolio managers and trade coordinators who must manage asset allocation targets and make tax lot level trading decisions for thousands of individual accounts. The LifeHarbor technology is also aligned with Vestmark in terms of MMI standards support and compliance - full audit trails are maintained, stringent security and access controls are in place, and trade-aways are supported in the spirit of best execution for the individual investor."
Further commenting on the acquisition, LifeHarbor CEO Brian Day said, "LifeHarbor could not be happier with this outcome. LifeHarbor had several suitors and Vestmark was by far the best choice for the company, our customers, and our shareholders. The technology is a natural fit and Vestmark has tremendous momentum in the market, momentum which will only accelerate with the addition of LifeHarbor."
Private Portfolio Manager™ is available immediately on a stand-alone basis and as an integrated component of Vestmark's comprehensive Managed Accounts Platform.
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About Vestmark
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.
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