Sponsors and managers of separately managed accounts will now be able to transfer execution prices back and forth through an automated system, thanks to CheckFree Investment Services new product enhancement, called Galaxy functionality.
A huge network of managers and sponsors will have the ability to transfer data to one another hence the name "Galaxy." CheckFree Investment Services, a subsidiary of CheckFree Corp., is already the No. 1 provider of accounting, reporting and data services to SMA brokers, dealers and managers.
The company says that since SMA managers are often involved with many sponsor programs at once, manual entry into each separate platform becomes time-consuming. But with the Galaxy functionality, CheckFree hopes the phrase "time-consuming" can be changed to "time-saving."
"It enables our firm to efficiently capture execution prices from our broker/dealer relationships, which means that our accuracy rate increases and I save more time," said Frontier Capital wrap trader Dymphna Hurley in a statement.