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Bloomberg Tradebook & UAT Unveil Commission Recapture Program

April 17, 2012

NEW YORK — Bloomberg Tradebook and financial technology company
UAT today announced a software platform and adjustable algorithm
called Boomerang(SM) that is designed to deliver commission
savings to asset owners and to enhance trader productivity for
money managers in the multi-trillion dollar [1] sub-advised and
externally managed industry.

“This offering comes at a time when no one in the industry can
afford to leave money on the table. This program represents a
win for everyone involved – the asset owners, money managers,
and ultimately, fund shareholders and plan beneficiaries of
these investment portfolios,” said Ray Tierney, President and
Chief Executive Officer of Bloomberg Tradebook. “Boomerang
expands Bloomberg Tradebook’s commitment to maximize commission
savings potential and enhance execution quality for our

A central component of Bloomberg Tradebook’s commission
recapture solution is the Boomerang algorithm. Traders at money
management firms can adjust the algorithm settings to define
low-touch orders from high-value order flow. Orders identified
as low touch are automatically executed without further
involvement from traders, thus saving time.

“UAT and Bloomberg Tradebook have delivered an innovative
technology solution that brings increased efficiency to buy-side
traders,” said Laurie Berke, Principal at TABB Group. “By
addressing the long-unresolved issues around automating the
execution of low touch orders, Boomerang fills a need in the
market that has been unaddressed for years.”

Asset owners, including mutual funds, insurance and pension
plans, frequently outsource the management of investment
portfolios to external money managers in order to leverage a
manager’s expertise, performance, risk profile or brand
strength. Commission recapture programs help asset owners reduce
trading costs by recouping part of the brokerage commissions
incurred by the fund’s money managers, but long-standing
inefficiencies have hindered the effectiveness of these
programs. Asset managers can incorporate the Boomerang algorithm
into existing commission recapture programs or deploy it as the
sole commission savings solution.

“Money managers and asset owners can now have a streamlined
trading process that drives measurable performance gains and
operational efficiency,” said Tom Warren, President of UAT.
“Boomerang is a productivity tool that saves time for money
manager traders, allowing them to automate execution of low-
touch orders in favor of focusing on high touch, high-value
trading situations.”

Bloomberg Tradebook and UAT executives will introduce the
Boomerang(SM) Algorithm and commission recapture program
tomorrow at the 13th Annual FRA Sub-Advised Funds Forum in

Boomerang incorporates UAT’s iPerX technology, which has seven
U.S. patents and additional patents pending in the U.S. and 38
other nations. For more information about Bloomberg Tradebook’s
Boomerang program please contact Jamie Bogen, 212-617-3469, or Tom Warren, 303-881-1825,

A) The Financial Research Corporation (FRC) found in September
2011 that the current size of the sub-advised market is
estimated to be $1.85 trillion (variable annuities and mutual

B) Pensions & Investments (published the following numbers as of
12/31/2010: Total U.S. institutional tax-exempt equity AUM of
money managers in our database: $4.6 trillion.

About Bloomberg Tradebook

Bloomberg Tradebook LLC is Bloomberg’s agency broker that
partners with the buy-side and sell-side to provide high-quality
liquidity, market insight and customized solutions based on
innovative technologies. Founded in 1996, Bloomberg Tradebook
offers its customer base trading solutions for equities,
futures, options and foreign exchange (FX) to actively manage
complex trading strategies across more than 100 global
exchanges. By providing direct access to independent research
analysts and commission management services, Bloomberg Tradebook
provides clients with numerous ways to find and implement smart
trading ideas. Bloomberg Tradebook is available on the Bloomberg
Professional service.

About UAT Inc.

UAT Inc. is a financial services technology firm specializing in
the externally managed and sub-advised industry. Through its
patented systems, the Denver-based company helps to lower
operating costs and improve performance. Its clients represent a
variety of organizations that use external money management
firms for their investment portfolios, including public and
private defined benefit plans, defined contribution plans,
mutual funds, not-for-profit funds, variable insurance products,
bank trust groups, endowments and foundations. For more
information, please visit

Contact for Bloomberg:

Vera Newhouse, Bloomberg L.P., +1-212-617-6420,

Contact for UAT:

Dana Taormina, JCPR, +1-973-850-7305,