Xcitek signs Brotherhood Bank & Trust to class actions service; relocates London office

Source: Xcitek

Xcitek, the leading global provider of market data, corporate actions software, and staffing solutions, today announced that Brotherhood Bank & Trust has selected its new Xcitek Class Actions service to help manage the growing burden of tracking and participating in securities class actions.

"We are pleased that Brotherhood Bank & Trust has chosen our new Xcitek Class Actions service," said Charles Price, Senior Vice President at Xcitek. "The product was designed specifically for financial institutions like Brotherhood which, whether acting as principal or in trust for clients, need to stay abreast of securities class actions developments that impact their portfolios."

"We selected Xcitek Class Actions after a careful evaluation of the service," said Richard Hampton, Vice President, Brotherhood Bank & Trust. "We found the service to be fairly easy to use in identifying class actions that are important to us, and gave us some tools to manage the process so that important developments, such as filing deadlines, do not pass without our decision on the action."

Separately, Xcitek announced today that it will move its London office to larger space in the City to accommodate the growing staff and client base for its XSP Corporate Actions automation solution.

The official move from its Cornhill office to the new premises at No. 1 Poultry will take place Monday, 5 September 2005.

The new office will continue to be headed by Neil Sheppard, Chief Operating Officer for XSP Europe, who joined Xcitek in early July to run day-to-day operations and manage client relationships in support of XSP’s European growth strategy.

"In response to the growth of XSP and the ongoing need for proven Corporate Actions automation solutions in the European marketplace, we needed to move our London sales and client support teams into larger facilities," commented Sheppard. "The new offices at No. 1 Poultry accommodate our current requirements while allowing for planned future expansions to our staff. We selected this new location because it lies in the heart of London's financial district and is central to our existing and prospective clients for local support."

Brendan Farrell, Managing Partner at Xcitek, said, "Since our initial foray into the European marketplace in 2002, we continue to make great traction in the growth of our client base while expanding our staff to support this business with talented and experienced professionals. At this juncture, with over 50 global clients licensing the XSP software, we recognised the need to increase the office space in London to not only accommodate the new employees who have joined our organisation over the last few months, but to facilitate additional growth in the near future. We are very excited about making the move to this larger space as it further represents our commitment to growing our business globally while continuing to provide our clients with first class support."

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