Proxy Monitor and CheckFree Investment Services formed a partnership to provide proxy-voting services online for investment managers, particularly those offering wrap fee programs.
The venture will allow the 90-plus wrap managers that use CheckFree portfolio accounting software to cast proxy votes and access other proxy information through Proxy Monitor. The managers have 900,000 clients, of which about 20% are pension funds and other institutions. The managers also have 100,000 non-wrap institutional clients that also may use the new service.
James Waller, senior vice president of the CheckFree holdings unit, said CheckFree hasnt decided yet whether the managers will be charged an additional fee for using the new optional Proxy Monitor services. The partnership is non-exclusive, he added.