The acquisition of CheckFree Corp. of Norcross, Ga., by Fiserv of Brookfield, Wis., announced on Aug. 2, has raised questions as to whether CheckFree's investment services division will stay or go, perhaps being independently sold off to the highest bidder. The unit provides the separately managed account (SMA) technology, including client reporting and portfolio management, for investment managers and broker/dealers.

A potential future sale could undermine CheckFree's current leadership position in providing its CheckFree APL technology to the SMA marketplace. By some industry estimates, CheckFree provides 85% of the technology that powers the SMA industry and has helped fuel industry growth.

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