San Francisco, CA, November 17, 2004 - Advent Software, Inc., (NASDAQ: ADVS) announces it has launched the latest version of its market leading partnership accounting software, Advent Partner® version 4.2.
Advent Partner® creates efficiencies in the complex partnership accounting process by automating its most difficult facets – the reallocation of profit for the performance incentive fee, and the allocation of realized gains and losses for tax purposes. Advent Partner® then allows managers of pooled accounts, including hedge funds, fund administrators, accounting firms and many other types of investment partnerships, to provide their investors with comprehensive capital statements and performance reports.
“Investment partnerships continue to represent one of the fastest growing segments of the investment management industry. Advent Partner® is a comprehensive solution that gives firms the ability to deliver the accuracy, efficiency and responsiveness necessary to efficiently manage an investment partnership,” said Peter Hess, Senior Vice President and General Manager of Advent’s Global Accounts business.
The latest version of Advent Partner® has been enhanced with functionality that increases its allocation flexibility, including two new aggregate methods; sidepocket enhancements for reinvesting income; and locked-in performance incentive fee accruals to show the "change in" performance fee on a periodic basis. Advent Partner® 4.2 also includes usability enhancements including partnership templates for easier setup of new funds, multiple partner groupings for more flexible reporting options, and customizable user authentication. Also included is the new streamlined version of the Schedule K1 for 2004.
Advent Partner®’s easy-to-use Windows format coupled with the power of its SQL Server database architecture and design gives firms the ability to deliver the accuracy, efficiency and responsiveness necessary to efficiently manage an investment partnership. Advent Partner® integrates with both Axys®, Advent’s portfolio accounting system, and Geneva®, Advent’s global investment accounting solution, and can also be used as a stand-alone system.
Advent Software, Inc. (www.advent.com), a multi-national company, has been providing trusted solutions to the world's leading financial professionals since 1983. Firms in 50 countries using Advent technology manage investments totaling more than US $8 trillion. Advent's quality software, data and services enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs.
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107