Pershing announces delivery of enhanced services for financial services firms and investment professionals

LONDON, August 18, 2003 - Pershing, a member of BNY Securities Group and a subsidiary of The Bank of New York, announced today that it has selected Business Architects International's eXimius investment management solution and Financial Software Limited's CGix capital gains tax (CGT) solution to provide enhanced service to customers of Pershing Limited who are based in the UK and Europe. The seamless integration of the eXimius and CGix products will provide fund managers with a powerful solution for monitoring client portfolios.

Business Architects' eXimius, a browser-based front-office investment management solution, combines customer relationship management with in-depth portfolio and compliance analysis, performance and risk measurement, client reporting, and order management facilities. CGiX™ provides capital gains tax calculations and a tax optimization solution through a sophisticated 'What-if' capability, which instantly calculates the effects of hypothetical sales within a client's portfolio.

The eXimius and CGix products will be integrated within Pershing's new web-based Nexus platform and made available to the marketplace by the end of 2003. All three solutions are based on Microsoft® .NET technology.

John Graham, chief operating officer of Pershing Limited, said, "Not only do eXimius and CGix perfectly complement our new Nexus technology, but the successful implementation of eXimius and CGix into our current Nexus platform strengthens our position as the leading provider of outsourced wealth management products and services. In addition, these new partnerships demonstrate our commitment to providing a functionally rich, comprehensive product offering to new and existing clients." Franky Van Damme, chief executive officer of Business Architects International, said, "Pershing has given Business Architects International the opportunity to integrate eXimius into their Nexus platform. We are confident that we can bring a substantial amount of added value to Pershing's customer base, providing them with better customer service and greater investment management efficiency."

David Pirrie, director of Financial Software Limited, commented, "We are delighted that Pershing has chosen us to introduce CGix as part of their service offering. We have developed our specialist CGT solution for over ten years and are proud to have a significant number of private banking clients. We look forward to providing a powerful CGT solution to Pershing's web-based Nexus platform."