Placemark Investments names Richard Blasing EVP, technology and operations

Source: Placemark Investments

Placemark Investments, the leading overlay manager to financial services companies offering Unified Managed Account (UMA) programs, today announced it has named Richard Blasing as the company's new Executive Vice President, Technology and Operations.

Blasing will oversee an extensive expansion of Placemark's technology infrastructure and staff to meet rapidly growing demand for the company's overlay management services. Placemark provides separate account program sponsors asset integration and management capabilities so they may develop custom Unified Managed Account (UMA) programs. UMAs are a fee-based investment offering that integrates multiple investment products – including separately managed accounts, mutual funds and exchange traded funds – into a single custodial account with automated services such as rebalancing and cash management.

Blasing, who has extensive experience in financial IT implementation and coupling technical and business strategies, will drive a rapid expansion of internal development at Placemark’s Dallas office. During 2005, the company signed several new contracts with leading sponsors, and is adding new systems and staff to accommodate its growth. Blasing will also be responsible for managing Placemark's long-range technology planning for the company.

"We're delighted that Rich is joining us to help lead our technology strategy and service delivery," said Lee Chertavian, CEO of Placemark Investments. "Rich has a long history of successfully managing and growing large IT teams and practices, and he wants to bring his passion and talents to Placemark. He will be an enormous asset as our sponsor base and assets under management grow."

Blasing has spent most of his career at RBC Dain Rauscher in Minneapolis, where he was most recently Head of U.S. Brokerage Infrastructure and Managing Director of all Infrastructure Services. He led a staff of 150 that was responsible for all IT system implementation and support for over 5,000 employees in 180 locations. Blasing has also been successful reorganizing departments to better align technical resources to business functions, and was a member of several boards and committees including the RBC GTO Enterprise Architecture Board and the Senior Management Diversity Committee. He also won the company's Outstanding Contributor Award.

"Unified managed accounts are a breakthrough investment product that requires top technical support and staff," said Blasing. "Placemark Investments is the industry leader and trendsetter in the development and operation of UMA programs, and this was a great opportunity to work with an exciting company providing best-in-class services to some of the industry's top sponsors."

Managed account assets are growing at an enormous rate - estimated to reach $1.1 trillion by 2007, and Placemark's overlay management is critical to achieving UMA's potential. In 2005, Placemark has so far announced new UMA programs with BMO Nesbitt Burns, Janney Montgomery Scott and Placemark Select, Placemark's new turnkey UMA program. Further announcements are expected this year.

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