SAN FRANCISCO – December 14, 2010 – Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the investment management industry, announced today that it has made product and data services enhancements to address the upcoming cost basis rule change, which will require financial custodians to report adjusted cost basis information to the IRS via Form 1099.
The product and data services enhancements will make it easier for investment management firms to stay in sync with their custodians, brokers and trading partners, and will also help clients be more efficient by supporting new workflows resulting from the cost basis reporting regulations. The Company has made updates to custodian interfaces, reports and trading integration points to facilitate cost basis reporting and reconciliation.
In addition, Advent has been providing ongoing education on the potential impacts of the legislation and serving as an advocate and facilitator for its clients, ensuring that critical communication moves forward between investment management firms and their custodians, brokers, trading and post-trade vendors.
Tower Group Research Director, Sean Cunniff, commented, “Meeting the cost basis reporting deadlines is and will continue to be an enormous challenge for the financial industry. This has been one of the largest areas of technology spend in 2010 and will continue to be for at least the next two years. Financial institutions have had to update systems, change policies and procedures and revise customer protocols. Investment managers and advisors will need to ensure that cost basis is synchronized across multiple systems and custodians.”
“Over the past year, Advent has focused on understanding and evaluating the impact of cost basis legislation on our clients in order to help them minimize the operational impacts of complying with the new regulations,” said George McLaughlin, a Senior Director at Advent. “Through our program of workflow enhancements, client advocacy and training and education, we are confident that our clients will be able to successfully navigate the cost basis legislation changes in 2011 and beyond.”
Advent Software, Inc., a global firm, has provided trusted solutions to the world’s financial professionals since 1983. Firms in more than 50 countries rely 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 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.
Any forward-looking statements included in this press release involve risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include the successful development, timing, anticipated features, functionality and market acceptance of new products and enhancements, continued sales of existing products, the impact of initiatives by competitors, uncertainties and fluctuations in the financial markets and economic conditions and other risks detailed in Advent’s most recent filings with the Securities and Exchange Commission, including, but not limited to, its quarterly reports on Form 10-Q and its 2009 annual report on Form 10-K, copies of which may be obtained by contacting Advent Software at (415) 645-1787 or by visiting Advent’s Investor Relations Web site at www.advent.com.
Advent, the Advent logo and Advent Software are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
Advent Software, Inc.