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Vestmark Finalizes Acquisition of LifeHarborWakefield, 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. About Vestmark Vestmark, Inc. is an enterprise software company providing managed accounts solutions to the financial services industry. The Vestmark management and engineering teams include the founders and key technologists from several highly successful companies spanning the portfolio management, investment analytics, business intelligence, personalization, and content management industries. Through innovative workflow and integration capabilities, Vestmark delivers efficiency, flexibility, and scalability to the front- and back-offices of investment managers, sponsors, and service providers. Vestmark supports a range of managed account products, including traditional separately managed accounts (SMAs), multi-style portfolios (MSPs, MSAs, DMAs, etc.), and emerging unified managed accounts (UMAs). Vestmark solutions enable its clients to attract new assets, reduce operational costs, and increase the overall profitability of their managed accounts business. Founded in 2001, Vestmark, Inc. is headquartered on Route 128 due north of Boston, Mass. For more information, please visit its Web site at www.vestmark.com or send e-mail to info@vestmark.com. Press Contact Rob Klapprodt Vestmark, Inc. 781.224.7845 robk@vestmark.com back |
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