Fred Alger Management Signs on PMAPS for Proposal Management June 6th, 2005 Westport, CT – The New York investment firm, Fred Alger Management, Inc., has successfully implemented PMAPS® Financial 2004. PMAPS® Financial 2004 is Proposal Software, Inc.’s innovative Proposal Management and Production System for investment managers. According to Carol Brereton, Alger’s Marketing Analyst and Proposal Manager, the company’s adoption of PMAPS® has been a resounding success. “The system has already paid for itself in terms of time saved,”she said. “A few weeks after receiving PMAPS®, a last-minute Request For Proposal (RFP) came in from an institution on a Friday, out of the blue,” said Brereton. “It was my first time using PMAPS® since my brief training session. I resigned myself to spending the entire weekend on the proposal. I was pleased to discover that with PMAPS®, I had a finished proposal ready by Monday. I turned around in 48 hours what previously would have taken three to four days.” Fred Alger Management is an investment management firm with approximately $10 billion in assets under management. The company’sthree-person proposal team fields approximately 100 RFPs, Questionnaires, and consultant updates per year from corporations, Taft-Hartley plans, consultants, foundations and endowments. “Proposals are very important in institutional sales. It’s one of the principal ways to get a firm’s foot in the door,” Brereton said. With the hiring of L. Charles “Duke” Meythaler, Senior Vice President – Head of Institutional Sales, Alger reemphasized their efforts in the institutional market. To achieve what they knew they would need, an expanded consultant and RFP effort was necessary. After recruiting Brereton in August 2004, she began an immediate search for proposal software that was better than the one the company was using. She approached Proposal Software for a PMAPS® demo. “From the first minute they opened up PMAPS® I loved the product design – even before I saw what it could do," Brereton said. "It looked so user-friendly; I immediately knew it was something I could use." She was impressed by how quickly her proposal team became trained on PMAPS®. “Proposal Software, Inc. recommended two days of in-house training for my team, but we could not spare that much time for training. So we took advantage of the PMAPS® Web training because it could be broken up into chunks. Unbelievably, after the first one-hour session we were able to get working on our first proposal." Brereton highlighted two “PMAPS® features that especially work for her firm -- the multi-level search capability and the ability to track statistics on proposal activities. “The proposal platform we had been working with previously only offered a traditional search. Every search word was returned regardless of its relevance. You would then have to open every single document and perform a secondary search in order to find pertinent information. “With PMAPS® the searching capabilities are far more sophisticated than existing search engines. You come up with the most appropriate responses to your searches right off the bat. It will bring up exactly those sections of existing documents that address the topic in question.” Brereton said PMAPS® generates statistics that are invaluable to Alger’s sales and marketing team. "No matter how many proposals are in the pipeline at any one time, we can immediately track exactly how many RFP’s we have respond to," she said. "We can aggregate and track data on the RFP sources -- for example, how many were from new prospects versus existing clients, how many were from large cap versus mid- or small cap, the dollar value of the proposals in process, and so on.” Fred Alger Management continues to experience major time savings as a result of adopting the new platform. “PMAPS® is actually making me enjoy doing proposals again,” Brereton said. About Proposal Software and PMAPS About Fred Alger ### Contact Information: |
