PC Podcast & May ROADSHOW, page-278

There have been many companies that do Back End Processing and still continue to do this. The only difference is that they are not Publicly Listed companies and that they are not doing it offshore or stand as being truely Independant to the Dealer Group or Broker Group. The differences are subtle but not really game changing stuff. Their success is based on economies of scale.

The biggest threat and game changer to come will be in the AI business, If IAM are able to really incorporate some of this as well over time and stay up with or ahead of the pack then yes they will be good, but they have to compete with all worlds Financial corporations for this which have and will always have much bigger pockets.

Again this brings me back to Economies of scales. This is where IAM will have a short term edge. For how long...... Who knows - 2 year, 5 years , 10 years only time will tell.

As I am no longer involved in this sector I dont know them off by heart but it would not be difficult to find out through the dealer groups. I know when I was in FP I used to out source my back end. And I have many options for doing this from minimal to the who kit and Kaboodle.

Hank