AdvisorTech Corp. has unveiled Korea's first-ever global wrap account program, developed on behalf of Good Morning Securities. Through the service Korean investors will be able to benefit from advisory accounts managed by global fund managers. Good Morning Securities chose AdvisorTech, an Internet-based financial services firm, to develop a locally customized wrap account program based on its asset management expertise and Web-based technology. Wrap accounts were only launched in Korea earlier this year. Unlike investment trusts, wrap accounts aren't pooled investments. The investor actually owns each underlying security in the portfolio. AdvisorTech selected fund managers for the program including Hanil, SK, KEB Commerz, Shin Young FIDES and Franklin Templeton.
Ibbotson Associates, a provider of asset allocation tools and services, has partnered with PSB Training to provide training for independent financial services professionals looking to develop, manage and grow their practices. PSB uses Ibbotson's Portfolio Strategist software to demonstrate financial planning techniques, as well as Ibbotson's SalesBuilder PowerPoint presentation series to show financial services professionals how to convey asset allocation to clients. The program is broken up into different education levels: SMART Marketing, SMART Start, SMART Coach, Coaching and Consulting and Team Training.
TenFold Corp., parent company to TenFold Investment Management and the Landmark trade order management system, saw its shares lose close to 50% of their value in one day after announcing it expected a second quarter loss. Analysts were expecting a profit of around $0.09. For the quarter ending June 30, the company expects to report a loss in the range of ($0.03) to ($0.05) pre shared, compared to a profit of $0.03 per share for the second quarter of 1999.
S.W.I.F.T. is holding its annual Sibos Conference in San Francisco on September 11 through 15. The e-world, co-operation vs. competition and the world of S.W.I.F.T. are the key themes pervading the plenary, panel and information sessions. Two new information sessions have been added to the program that is intended to help firms move to S.W.I.F.T.'s IP-based products and services. Among those that have confirmed their participation in the plenary sessions are Rick Adam, founder and CEO of New Era of Networks, Baudouin Prot, president and COO of BNP Paribas, David Spina, president of State Street Corp., and Edward Horowitz, CEO of E-Citi. To sign up, check out www.swift.com.