PHILADELPHIA, PA, October 16, 2001 – Persimmon Research Partners, Inc. [“Persimmon”] announced that it has closed a $5 million private equity financing from an investor group led by Sands Brothers Venture Capital Funds [“Sands Venture Capital”], an affiliate of Sands Brothers & Co., Ltd., a NYSE member firm.  Persimmon’s Internet-based, ADVISORport platform is a private-labeled infrastructure services and technology platform for the rapidly growing fee-based investment consulting industry.

According to Gregory S. Horn, founder and CEO of ADVISORport, this is the first closing of Persimmon’s third round of financing, which is expected to total $9 million.

In addition to Sands Venture Capital, the investor group includes The Schwab Corporation, a leading global financial services firm; Rosemont Investment Partners, LLC, a Philadelphia-area merchant bank that also provided second round financing to Persimmon; AMC Capital, a private equity group headquartered in King of Prussia, PA; TDH, a private venture capital firm based in Radnor, PA; and a number of other existing shareholders.

According to Steven Sands, co-chairman of Sands Venture Capital, “ADVISORport has attracted nearly 70 client companies and close to $1 billion in assets serviced in less than 18 months, and is adding new clients at the rate of more than one a week.  ADVISORport is clearly the only online financial services infrastructure provider today that has demonstrated an ability to grow significant assets internally.”

Howard Sterling, chief operating officer of Sands Venture Capital, added, “ADVISORport’s rapid asset growth is especially notable in light of the market’s dramatic volatility in recent months.  This new capital infusion will enable ADVISORport to further enhance its value proposition and increase its market dominance.”

ADVISORport’s Horn commented, “The insights and experience of our strategic investor group will provide us with value added above and beyond their capital, as we continue to implement our growth plan.  Their support will enable us to remain ahead of the industry curve and deliver a superior solution versus both our off-line and online competition.”

Sands Brothers Venture Capital, an affiliate of Sands Brothers & Co., Ltd., a NYSE member firm, manages four venture funds focused on investing in market-leading late-stage technology companies.  Headquartered in New York, and will offices in London, San Francisco and Toronto, Sands Brother & Co., Ltd. specializes in asset management for high net worth individuals as well as securities brokerage with $2 billion under management from 20,000 clients.

Rosemont Investment Partners is a merchant bank focused on providing strategic capital to compelling business opportunities within the asset management industry.  Rosemont now manages approximately $35 million for a group of investors including: KBC Bank N.V. (Belgium), Keefe, Bruyette & Woods, Merrill Lynch, the Ohio Bureau of Workers’ Compensation and a number of family offices and investment management industry leaders.

Philadelphia-based ADVISORport is an application service provider (“ASP”) serving independent advisors, independent broker-dealers, bank/trust companies and money management firms.  ADVISORport’s online platform fully integrates separate account money managers, mutual fund and hedge fund product solutions with client profiling tools, asset allocation analysis, performance monitoring, rebalancing models and customized proposal and report generation.  ADVISORport services accounts representing nearly $1 billion for 70 clients including broker/dealers, banks, trust companies, independent investment advisors and advisory arms of accounting firms.