BIONDO INVESTMENT ADVISORS OUTSOURCES ITS MIDDLE AND BACK OFFICE TO MARKET STREET ADVISORS

- Market Street Advisors' Website

Edison, NJ 07/15/05 – Market Street Advisors, a middle and back office service provider for institutional, high net worth, and wrap accounts, has contracted with Biondo Investment Advisors to support their wealth management platform. MSA is the first Application Service Provider (ASP) to support not only domestic equity and multi-currency securities but also fixed income and derivatives. Headquartered in Milford, PA, Biondo Investment Advisors deploys a variety of investment strategies for high net worth investors and institutions.

Joseph Biondo Jr., COO, states “Biondo Investment Advisors seeks investment opportunities wherever our research leads us. It is vital to our business to have a platform that can process a variety of securities—cost-effectively.” Because of their mix of equities, asset backed securities and derivatives, Biondo Investment Advisors had difficulty finding a provider to which they could outsource their middle and back office at a reasonable price. Market Street’s broad functionality and strong client service made it easy to fill this void.

According to Felix Rivera, Directory of Portfolio Management Services for Biondo Investment Advisors, “the Market Street platform allows investment firms with less than $10 Billion in Assets under Management to offer an array of cost effective client services that were previously only available to much larger organizations.” Robert Lage, CFA and EVP at Market Street, states, “we look forward to helping a creative group like Biondo Investment Advisors better serve their clients.” Felix Rivera, states “the efficiencies derived from the platform and the Market Street teams in depth understanding of the separate account industry, allows us a comforting opportunity to better focus on managing the wealth of our clients.”

ABOUT BIONDO INVSTMENT ADVISORS, LLC (BIA):

Biondo Investment Advisors (BIA), a SEC Registered Investment Advisor, is an independent, research-driven, client service-oriented investment management firm. Their focus is on creating and preserving wealth for foundations, institutions and high net-worth individuals and their families. The firm currently manages assets of $350 million.

ABOUT MARKET STREET ADVISORS, INC:

Founded in 2000 by Bevin Crodian, PhD, and Robert Lage, CFA, Market Street Advisors is an application service provider (ASP) of middle and back-office administration for asset managers. MSA’s stated corporate goal is to provide lower costs and increased functionality for the middle and back office of the investment management industry. Working from a fully integrated, internet-based platform, MSA provides a wide range of services for institutional, high net-worth and wrap investment managers. MSA is also an ASP for full service providers. MSA’s services include tax lot accounting, trade & order management, pre-trade and post-trade compliance, performance measurement and reporting, automatic account reconciliation, customized workflow, and electronic connections to a number of major financial services institutions.