SAN FRANCISCO - December 9, 2008 – Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the investment management industry, announced today an agreement with Global Claims Filing Limited (GCF), a leading provider of securities class action research and claims filing services. GCF will provide a comprehensive securities class action claims filing solution to Advent clients using Advent Corporate Actions® (ACA), Advent’s straight-through-processing service.
ACA delivers customized, position-level corporate action reports for a broad range of action and security types, along with market effective transactions for mandatory U.S. equity and ADR events, including tax compliant details. Using ACA, firms can: track actions from announcement through effective date; receive alerts containing revisions and processing tips; and gain access to a dedicated team of corporate action specialists who assist advisory staff with processing details and the interpretation and confirmation of complex tax opinions. Advent currently has over 325 ACA clients. ACA’s user base includes clients using Advent's portfolio management and accounting platforms – Advent Portfolio Exchange®, Geneva® and Axys®, as well as clients using other products.
GCF’s comprehensive, turnkey claims filing solution calculates the recognized loss for class action settlements in order to maximize the client’s financial recoveries. GCF clients have recovered hundreds of millions of dollars from these settlements helping to boost the performance of their portfolios. ACA clients can now receive security class action notifications, and will have the ability to file claims on their own, or work with Advent and GCF to file.
Michael Egan, Managing Director, Global Claims Filing Limited, commented, “More than $32 billion has been available to investors in securities class action settlements in the past five years. However, recent studies show that less than one third of institutions file claims in settlements in which they are eligible. As a result, institutions and their clients are leaving billions of dollars on the table each year.”
Added Egan, “We look forward to working with Advent to provide their ACA clients with a comprehensive securities class action claims filing solution. By outsourcing the claims filing process, GCF enables its clients to concentrate on their investment performance, and relieve their back office from a time consuming and tedious process.”
“We are very excited about this new relationship with GCF, which marks our fifth data vendor available through ACA,” said Alison Swabowicz, Senior Straight-Through-Processing Product Manager at Advent. “It is our goal through this partnership to make our clients aware of security class actions so that they can file or work with GCF to recover lost funds.”
About Global Claims Filing Limited
GCF, a leading provider of securities class action research and claims filing services, offers a comprehensive, turn-key, outsourced class action claims filing solution. GCF’s services enable institutional investors to control the claims filing process and fulfill their fiduciary duties to their investors. For more information visit gcf's homepage.
Advent Software, Inc. (www.advent.com), a global firm, has provided trusted solutions to the world’s leading financial professionals since 1983. Firms in 60 countries use Advent technology. 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 costs. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support organization. For more information on Advent products visit advent software.
The Advent logo, Advent Software, Advent Corporate Actions, Advent Portfolio Exchange, Axys and Geneva are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
Advent Software, Inc.