SAN FRANCISCO – December 4, 2006 -- Advent Software, Inc. (NASDAQ: ADVS), the leading provider of software and services to the investment management industry, today introduced Advent Partner® 6.0 to provide clients with a single solution for onshore and offshore investor servicing and accounting.
Advent Partner® 6.0 targets the needs of both fund administrators and hedge funds that service both onshore and offshore accounts and want to streamline and improve their investor servicing. Until now, many fund administrators and hedge funds have had to support two separate accounting and investor management systems for onshore and offshore funds. With Advent Partner® 6.0, clients get simplified, more accurate accounting results at a lower cost.
A number of beta clients have been testing and benefiting from Advent Partner® 6.0 over the past several months. Beta clients include fund administrators Kaufman Rossin Fund Services and MadisonGrey Holdings and hedge fund Mariner Capital. Advent Partner® 5.0 is one of the most widely used software applications for partnership accounting for onshore funds, with over 300 client firms worldwide.
”Advent Partner® 6.0 provides a unified solution for onshore and offshore investor accounting and expands our strong leadership position in the investor servicing, reporting and accounting market,” said Robert O’Boyle, Vice President, Global Accounts Product Marketing, Advent.
“Offshore funds make up about 40 percent of our accounts, and this is growing as percentage of our assets,” said Christine Egan, Director of Business Development, Kaufman Rossin Fund Services. “Advent Partner® 6.0 will significantly increase the speed with which we can perform offshore accounting processing and enhance our ERISA reporting and CRM capabilities. Onshore and offshore functionality in one commercially available package is a novelty in this industry”.
“Advent Partner® 6.0 lets us have a uniform, standardized system across the board. It makes our operation a lot simpler, “ said Steven Gargano, Director of Accounting Information, Mariner Capital. “With the new version of Partner it is easier to process series roll-ups and maintain records of our investors’ capital accounts.”