SAN FRANCISCO – November 15, 2010 – Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the investment management industry, announced today that it hosted a series of events to educate firms on the impact of cost basis legislation and what they can do to prepare now. Over 2,000 investment professionals took part in the events, which have included several live webcasts as well as panel discussions in New York, Boston, San Francisco and Las Vegas.
In response to the upcoming legislation, which will require financial custodians to report adjusted cost basis information to the IRS via Form 1099, Advent conducted market, client and partner research to determine requirements for helping firms that report cost basis to their clients adjust to the new cost basis reporting paradigm. In addition to hosting a series of events, the Company has also provided its clients with ongoing education on the topic, including white papers and third-party research, as well as specific plans around product and data solution enhancements that Advent is currently implementing to help clients manage the changes.
To determine the potential impacts of the new cost basis legislation to investment management firms, Advent conducted a survey of its clients. According to the results:
“Cost basis legislation is top of mind for our clients, and it is critical for firms to identify the potential impacts of cost basis legislation and start making plans now to prevent breakdowns in efficiency and client service,” said Chris Flynn, Vice President of Product Management for Advent’s Investment Management Group. “In addition to making product and workflow updates, we will continue to create and enhance resources for our clients and partners related to cost basis legislation. Advent is pleased to serve as a trusted partner to our clients by providing them with valuable insights and expertise on the topic.”
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.