BOSTON, MA – AdventConnect 2011 – September 12, 2011 – Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, and Placemark Investments announced today the availability of an interface connecting Placemark’s UMA Marketplace® platform and the Advent Custodial Data (ACD) Network. The Advent-Placemark solution allows advisors using Advent’s AXYS® and Advent Portfolio Exchange® (APX) systems to perform portfolio administration and performance reporting functions within Unified Managed Accounts run by Placemark Investments on the major RIA custodial platforms. The integrated solution also supports managers who utilize Advent’s portfolio management solutions to directly trade their strategies as a sleeve or sub-account within Unified Managed Accounts in Placemark’s UMA Marketplace® platform.
Unified Managed Accounts (UMAs) are an evolution of Separately Managed Accounts (SMAs). UMAs allow advisors to combine third-party separate account strategies as well as mutual funds, ETFs and other investment products in a single custodial account to deliver a more diversified and integrated solution to clients. With UMAs, advisors can reduce the number of accounts they use to provide solutions to clients, and automate services such as rebalancing and cash flow management. UMAs can help firms reduce costs and improve service to clients, but can also create complexities around performance reporting. The new ACD integration with Placemark’s UMA Marketplace® addresses this complexity by giving advisors full accounting and performance reporting control over each individual strategy and product within the UMA solutions they offer to their clients.
Advent clients that use Advent Portfolio Exchange® (APX) or AXYS® and Placemark’s Unified Managed Account solutions will have access to the ACD interface which allows Advent users to produce robust sleeve or strategy-level performance reports and perform important attribution analysis for their clients.
The new ACD integration with Placemark’s UMA platform also allows RIAs to directly control and trade their own managed account strategy as one part of an integrated UMA solution. RIAs that act as discretionary managers can connect to and trade their strategies within UMAs for other financial advisors, all leveraging Advent and connecting through the Advent Custodial Data network. SMH Capital Advisors, Inc., a Fort Worth-based investment management firm is currently implementing the solution to trade their fixed income strategy within a UMA program for a leading RIA using Placemark’s UMA Marketplace®, and other investment managers anticipate adopting the new trading and accounting solution in the coming months.
“Until now, independent advisors that have used UMAs have typically lost granularity and control in the performance reports they were able to offer their clients,” said Randy Bullard, Executive Vice President, Placemark Investments. “Working with Advent, we are now able to push detailed product-level holdings information to an RIA’s Advent system, giving them granular product level performance reporting and accounting visibility and control previously unavailable in a UMA solution.”
“More and more, the industry is using UMA programs to help reduce costs and improve operational efficiency, but Advisors know these benefits can’t come at the expense of the quality of service they provide to clients,” said George McLaughlin, Senior Director at Advent. “With the ACD interface for Placemark, advisors no longer have to accept this trade-off and can reap rewards offered by UMA programs while maintaining the visibility and reporting standards they need to provide exceptional service to clients.”
About Advent Custodial Data (ACD)
Used by more than 2,500 firms to reconcile and report on over 2.5 million investment accounts, ACD is the industry’s most comprehensive, reliable, and functionally robust custodial data aggregation service. ACD delivers comprehensive data sourced directly from custody systems of record and is delivered through secure data feeds developed in partnership with each custodian. Instead of managing multiple connections, file formats, and processing workflows, ACD clients securely retrieve their standardized files from all of their custodians through a single Internet connection.
Advent Software, Inc., a global firm, has provided trusted solutions to the world’s financial professionals since 1983. Firms in more than 50 countries count on Advent technology to run their mission-critical operations. Advent’s quality software, data, services and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling operational risks and costs. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support and services organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr.
Advent, the Advent logo, Advent Software, Advent Portfolio Exchange and AXYS are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
UMA Marketplace® is a registered trademark of Placemark Investments, Inc.
Advent Software, Inc.