Monday, September 29, 2008

Finance tech firm LifeYield picks Simsek as CTO

By Mass High Tech Staff

LifeYield LLC reports that Enis Simsek has joined the financial technology provider firm as chief technology officer. Simsek will lead the development of LifeYield’s suite of web-based tools designed for financial professionals streamline decumulation strategy and activity, company officials said.

Simsek was previously assistant vice president and software engineering director for Boston-based AIR Worldwide Corp. where he managed a team of more than 25 engineers. Simsek was responsible for leading the development of the company’s risk analysis software that is used by insurers, reinsurers and financial markets, officials said.

Boston-based LifeYield, which launched earlier this month, provides technology services designed to automate the process of selecting which of a client’s assets to sell. The software is designed for wealth advisors, including trust officers, brokers, and financial advisors.

LifeYield is managed by industry veterans Mark Hoffman, Paul Samuelson and Michael Benedek. The three previously founded and managed asset management technology provider Upstream Technologies LLC, which was founded in 1999 and acquired last year by Atlanta-based CheckFree Services Corp. for $28 million. Founded in 1981, CheckFree provides financial electronic commerce services and products.

Hoffman also founded Lattice Trading Inc., which was acquired by State Street Bank and Trust Co. in 1996. LifeYield lists Warren Cormier, founder and president of Boston Research Group, as a member of its advisory board.