Press Release
Top Financial Institutions J.P. Morgan Chase and Zions Bancorporation Lead the Knight BondPoint Funding ATLANTA -- March 15, 2001 - Knight BondPoint, Inc., a provider of online fixed income solutions for broker/dealers focused on the retail investor, today announced that it has closed on a $15 million Series B strategic investment round, led by LabMorgan, the e-finance unit of J.P. Morgan Chase (NYSE: JPM), Zions Bancorporation (Nasdaq: ZION) and Wasatch Venture Fund. Series A investors Financial Technology Ventures and Alliance Technology Ventures also contributed to the investment round. "In LabMorgan, we are constantly looking for the best-in-class technologies to use, build upon and invest in-in collaboration with our firm's line of business needs. Knight BondPoint met our requirements since they have superior technology and are focused on the online retail fixed-income investor," said Simon Lack, LabMorgan's Credit, Rates and Equity e-strategist and managing director of e-Markets, J.P. Morgan Chase. "We view our investment in Knight BondPoint as a significant step in strengthening our retail distribution capabilities," added Russ Mannis and Peter Hill, co-heads of J.P. Morgan Chase's Municipal Finance business. "Through this platform we hope to reach an extensive audience of retail investors throughout the United States. Furthermore, the platform gives us the flexibility to meet the full and growing spectrum of the individual investors' needs." Knight BondPoint provides broker/dealers with a comprehensive fixed income solution for their advisors and retail clients, which includes secondary trading, new issues, news, commentary and tools. Knight BondPoint's relationship with Charles Schwab Co. Inc. provides Schwab's 7.5 million customers, including registered investment advisors and individuals, with access to the Knight BondPoint platform. The company's partners provide Knight BondPoint with inventory from dozens of securities firms and access to millions of online and off-line retail customers. "Our strength in Treasuries, Agencies and Municipals helps Knight BondPoint expand its product line while providing us a way to make our bonds available to millions of additional retail customers," said Bob Knox, senior vice president of Zions Bancorporation subsidiary Zions First National Bank. "Gaining the support of J.P. Morgan Chase and Zions Bancorporation for Knight BondPoint's open, transparent trading platform is a key milestone in our success," said John Pigott, CEO and chairman of Knight BondPoint. "In addition, successfully closing an investment round of this size in the current market conditions is a real tribute to our team and ensures that we will be a survivor in our market. The funding will allow us to fully execute our business model and bring the company to profitability with our existing partners." Knight BondPoint will use the funds to solidify its position in the online bond marketplace by further expanding partnerships with retail firms that require fixed income inventory and services, and by continuing to provide additional products and develop solutions for their customers. About J.P. Morgan Chase & Co. J.P. Morgan Chase & Co. (NYSE: JPM, www.jpmorganchase.com) is a premier global financial services firm with assets in excess of $705 billion and operations in over 60 countries. The firm is a leader in investment banking, asset management, private equity, consumer banking, private banking, e-finance, and custody and processing services. Headquartered in New York, J.P. Morgan Chase serves 32 million consumer customers and over 5,000 corporate, institutional, and government clients. About LabMorgan LabMorgan (www.labmorgan.com) is the e-finance engine of J.P. Morgan Chase. The Lab's purpose is to find, nurture, invest in, use, and help to commercialize e-finance initiatives that will transform J.P. Morgan Chase and the financial services industry. LabMorgan has access to the full range of J.P. Morgan Chase's resources including more than 32 million customers around the world and a prestigious brand, as well as unparalleled expertise based on more than 200 years of experience in finance. LabMorgan is the premier partner for accelerating ideas in e-finance. About Zions Bancorporation Zions Bancorporation is one of the nation's premier financial services companies, and operates one of the first electronic fixed income trading platforms, which has been successfully operating for over 10 years. Under local management teams and community identities, Zions operates over 370 full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Utah and Washington. In addition, Zions is the only primary dealer in government securities headquartered in the western United States. Zions' combined financial advisory business has ranked in the nation's top ten municipal financial advisors for each of the past four years. Through its subsidiary, Digital Signature Trust, the company is a leader in providing trusted Internet identity credentials. Forbes magazine recently named Zions one of America's best big companies. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com. About Wasatch Venture Fund Wasatch Venture Fund (www.wasatchvc.com) was organized in 1994 and currently has three active funds under management. The Fund has invested in excess of 60 companies located in Utah, California, Arizona, Colorado, Washington, Pennsylvania, New York and Atlanta. The Fund focuses on early-stage investment opportunities in the technology areas of computer software, semiconductor, information systems, communications, internet applications and bandwidth infrastructure. Wasatch is an affiliate of Draper Fisher Jurvetson. About Knight BondPoint Knight BondPoint, through its wholly owned subsidiary Knight BondPoint (member NASD/SIPC) offers firms servicing retail investors with a comprehensive solution that enhances and expands their customers access to fixed income investments. Knight BondPoint's breadth of services includes access to new issues, a neutral secondary marketplace and empowering educational tools and information. Retail investors can access Knight BondPoint's services through its strategic partners such as Charles Schwab & Co. Inc., the investment industry's largest online retail broker. Knight BondPoint is a privately held company, based in Atlanta and is supported by more than 60 professionals. For more information about the Knight BondPoint, visit the Web site at www.knightbondpoint.com. ###
Knight BondPoint Contact: Star VanderHaar, Abovo Marketing Group, 678.597.3318, svanderhaar@abovomarketing.com J P MorganChase Contact: Kathleen Kenney Lucente, 212.270-6925, kathleen.kenney.lucente@chase.com Zions Contact: Robert Brough, 801.594-8268, rbrough@zionsbank.com Zions Investor Relations Contact: Clark Hinckley, 801.524.4985, S199CBH@zionsbank.com |