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Wakefield, MA - October 13, 2005 - Vestmark, an enterprise software company, announced today a strategic alliance with Linsco/Private Ledger (LPL), the nation's leading independent broker/dealer*. LPL is providing its financial advisors with state-of-the art functionality following the integration of its proprietary technology with Vestmark's overlay portfolio management solution.
LPL's innovative platform enables financial advisors to combine sophisticated and customized portfolios of separate accounts and mutual funds into a single account for high-net-worth clients.
Vestmark's overlay portfolio management technology supports LPL advisors in achieving greater efficiency through a range of overlay portfolio management services. These include automatic annual rebalancing of client portfolios, security restriction processing, as well as tailored tax management strategies. It will also be the first multi-style platform to support taxable and tax-free individual bond portfolios.
Managed accounts are one of the fastest growing segments of the investment management industry because investors value the products' transparency, customization, and tax efficiency. According to estimates by the Money Management Institute, a trade group for private asset managers, separate account assets should double in three years, triple in five years and hit $2 trillion by 2011.
According to Kevin Keefe, Senior Vice President of LPL, "The technology and servicing platform enables LPL advisors to compete in the high-net-worth marketplace with meaningful sophistication and unparalleled efficiency. The platform addresses the major challenges advisors typically face, such as investment management coordination, efficient account administration, and effective client communications. This platform allows LPL advisors to deliver a superior investment product to their clients, and spend more time building and enriching client relationships."
David Blundin, Chief Executive Officer of Vestmark, said, "We are pleased to form this strategic alliance with LPL. We expect this partnership of capabilities, powerful technology, and expertise will be well received in the marketplace and will ultimately establish an industry-leading solution for separately managed accounts."
About LPL:
With over 1,300 staff members headquartered in San Diego and Boston, LPL offers non-proprietary investment products and wealth management services through more than 6,000 financial advisors nationwide. LPL is committed to providing financial advisors with the tools they need to offer the highest quality of independent investment advice. For more information about LPL, please www.lpl.com, or call (800) 877-7210.
*Based on revenues, as reported in Financial Planning magazine, June 1996-2005.
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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.
Media Contact
Elizabeth Shim
Haven Tower
(424) 317-4861
eshim@haventower.com