State Street Will Run Managed Accounts From Checkfree's Service Bureau

PORTFOLIO MANAGEMENT

BOSTON--State Street Research & Management has signed a service bureau agreement with Checkfree Investment Services to use that company's APL software for State Street's fledgling managed account business.

Neither party would disclose the contract's length or value.

Checkfree will run State Street's accounting from its Chicago service bureau, where it has an IBM RS/6000 server running IBM's AIX Unix, says Jamie Waller, a senior vice president for Checkfree.

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