San Francisco, CA, September 27, 2002 - Advent Software, Inc. (Nasdaq: ADVS) announces a new packaged software solution for firms managing hedge funds. Advent will offer a combination of real-time profit and loss, partnership accounting, trading and investor relationship management modules, which can apply to hedge funds of all sizes and businesses of all maturities.
Advent has signed an alliance agreement with Financial Interactive, and will integrate FI’s FundRunner® Suite with Advent’s hedge fund applications. The FundRunner® Suite is designed to bridge the growing communications gap between investment managers and their investors by offering highly targeted IRM™ performance-reporting tools such as compliance tracking, document and web content management, and eMarketing strategy development. By automating fund and investor reporting, generating thorough compliance records and providing visible IRM™ infrastructure, FundRunner® helps fund administrators and prime brokers, in addition to hedge funds, improve client service.
“The call for transparency has greatly increased in the hedge fund business as the traditional client base has moved from individual partners to more institutions. FundRunner’s relationship building capabilities and Advent’s reporting tools represent a very strong combination of applications that allow us to meet the needs of our customers and build a strong business,” said Patrick Ascaso, Chief Financial Officer of Eastbourne Capital.
As part of this solution, Advent has added functionality to its trade order management system to meet the specific needs of hedge fund traders. Included in this hedge fund solution is a real-time profit and loss “calculator” that allows for intra-day monitoring and updating.
“Hedge fund managers are facing many of the same obstacles that traditional managers face today, including slower capital inflows and smaller operating margins. But these firms often have a significantly higher level of complexity than traditional investment firms. As it is a very relationship-based business, having the right tools to maintain client relationships and regular reporting to clients is essential in today’s hedge fund environment,” said Peter Caswell, President and CEO of Advent.
Advent Software, Inc. has been providing trusted solutions to the world’s leading professional money managers since 1983. Firms in 55 countries use Advent technology to manage investments totaling more than US $8 trillion. Advent’s quality software, data, services and tools enable managers to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent’s common stock is traded on the NASDAQ National Market under the symbol ADVS.
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Advent Software, Inc.
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