Alger, Hamilton Allen Set To Quit ADP's PARs Bureau

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Two important clients, Fred Alger Management and Hamilton Allen & Associates, are set to abandon Automatic Data Processing Inc.'s PARS portfolio management service bureau. The moves--attributed to the absence of intraday portfolio updating on PARS--come as ADP seeks to quell talk that the system will be discontinued.

PARS (Portfolio Accounting Reporting Service) provides overnight batch processing of customer portfolios for investment managers, who receive updated information electronically o