SAN DIEGO, April 15, 2004 (PRIMEZONE) -- Sagient Research Systems (OTCBB:PCSR), a leading publisher of independent research for the institutional investment communities, today announced an agreement with Knight Equity Markets, a unit of Knight Trading Group, Inc. (Nasdaq:NITE), a leading trade execution specialist, for Knight to provide an outsourced execution and trading solution for Sagient's institutional research clients.
Under the terms of the agreement, Knight's trading desk will assign one or more specific sales traders to take execution orders directly from Sagient's institutional clients.
Sagient sells its research services on a fixed-price subscription basis to mutual funds and hedge funds. To date, Sagient's clients have paid for its research either with cash or via "soft dollars". This new partnership gives Sagient's institutional clients an option by which they can pay for Sagient's research without the use of soft dollars and still ensure best execution though a large, diversified, and well-respected trading operation.
Brian M. Overstreet, President & CEO of Sagient Research said, "Over the past six months, we have evaluated numerous payment alternatives for our institutional clients. We believe that this agreement with Knight is the best solution as it enables us to provide our clients with the execution, liquidity, and market access of a large firm without having to invest the time, money, or risk of trying to build these capabilities internally. More importantly, this relationship makes it easier for our institutional clients to pay us for our research, and we think this will set a new standard for the industry. We look forward to working with the experienced market professionals at Knight to implement this trading solution over the coming weeks."
About Sagient Research Systems
PCS Research Technology, Inc. d/b/a Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research to the financial services and institutional investment communities. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.
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