WEDGE Capital Management, a Charlotte, N.C.-based institutional money manager, has become the first company to use CheckFree Corporations multiple strategy platform for institutional money management. Previously, the platform, APL-MSP, was used for retail separately managed account (SMA) managers.
"WEDGE Capital Management recognizes the value APL-MSP brings to its approach of managing institutional separate accounts, by fine-tuning an array of investment decisions right down to a particular holding and tax-lot, and completely automating through technology what is often a manually-based process," said Alex Marasco, CheckFree Investments executive vice president and general manager.
WEDGE, which has $4.1 billion assets under management, is using the two-year old system mainly because of its versatility. Executive Vice President Brad Horstmann said the platform makes it possible to "trade a particular security in a targeted style without affecting that same security in other styles," plus it identifies each holdings tax-lot level.