U.S. Bancorp Piper Jaffray
is looking to expand its separately managed account program to 50 managers from the 35 it currently offers.
The Minneapolis-based broker-dealer recently inked deal with CheckFree Investment Services
to handle the underpinnings of its separately managed accounts product as part of the expansion. Piper Jaffray started the search for a platform as part of an effort to grow its separately managed accounts business more efficiently, said Hilary Fiorella, a vice president at CheckFree.
"One of the most significant challenges of running a successful SMA program is addressing the individual portfolio requirements for an enormous volume of accounts," explained Michael Duffy
, managing director and director of operations at Piper Jaffray. "Scalability means having the ability to manage and support a growing number of portfolios, and that's what CheckFree APL will help us accomplish."
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