Advent Software Continues the Rapid Expansion of its Fund Administration Solution

Advent Software Continues the Rapid Expansion of its Fund Administration Solution

San Francisco, Calif., May 28, 2003 - Advent Software, Inc. (Nasdaq: ADVS), the leading provider of software to the financial services industry, today announced several major additions to its fund administration solution. It has also formed an alliance with Koger, the leading provider of equalization/series accounting, transfer agency and web reporting functionality, to enhance the solution. The newly named “Advent® for Fund Administrators” is a next-generation solution designed to meet the specialized needs of firms that provide fund administration services to mutual funds, hedge funds and fund of funds.

Comprised of three core modules — Investment Accounting and Unit Pricing, Partnership Accounting, and Transfer Agency and Equalization — Advent for Fund Administrators enables users to achieve significant productivity gains, while greatly improving the quality and timeliness of the services that they provide their clients.

At the solution’s core is Advent’s revolutionary Geneva® portfolio accounting platform, which has been enhanced with new fund structure functionality that allows firms to cut Net Asset Values at the class, sub-class or series level. This new functionality significantly simplifies the processes and accounting typically associated with complex master-feeder and fund of fund structures.

Advent for Fund Administrators provides firms with the industry’s only main memory-resident, object-oriented database built specifically to solve fundamental portfolio accounting challenges that traditional relational databases cannot. Unique capabilities include:

  • A single unified data model that enables unsurpassed reporting flexibility while eliminating data discrepancies between sub and general ledgers;
  • Unprecedented data accessibility for a multitude of report views, and real-time integration with upstream and downstream systems;
  • Unparalleled data accuracy through dynamic error correction and unique data management technology for exceptional data reliability at a fraction of the administrative cost, and;
  • Revolutionary accounting functionality and deep security coverage that meets the complex requirements of the most demanding asset managers and administrators.
Advent and Koger Strike Strategic Alliance
Advent has forged a strategic partnership with Koger, the leading provider of equalization accounting and transfer agency functionality to fund administrators worldwide. The Koger/Advent alliance integrates the investment accounting and unit pricing functionality of Geneva with Koger’s transfer agency system, NTAS, to provide users with standardized integration and to streamline the generation of Net Asset Values, net of management and performance fees. The end result is that clients are able to calculate Net NAVs faster and more accurately than ever before.

Robert Sipko, Chief Technology Officer for Koger adds, “KOGER has developed GlobalReach Interface Daemon (GRID) as part of its GlobalReach Initiative that will allow NTAS to seamlessly integrate with systems such as Advent’s Geneva to achieve unprecedented efficiencies and new economies of scale in the back office. The standardized interface between these best-of-breed investment accounting and transfer agency systems will significantly reduce the costs associated with the fund administration business and reduce the payback period on our mutual clients’ technology investment.”

Bank of Bermuda’s Global Fund Services division
Goes Live On Geneva – Fund Structures

Bank of Bermuda, recently went live on Geneva 5.1.1, which includes the fund structures functionality. “Our strategic partnership with Advent has allowed us to work closely with them to develop the Geneva 5.1.1 fund structure capabilities. This functionality is leading edge in the market and we are extremely excited to go live on the most recent version of Geneva. We anticipate significant operational benefits from the new fund structure functionality, which ultimately enables us to produce more timely NAV calculations for our clients,” said Robert Schultz, CEO of Bank of Bermuda (New York) Limited. The Global Fund Services (GFS) division of Bank of Bermuda provides all areas of fund servicing and custody for segments of the investment industry with developing and complex needs, including alternative investment vehicles such as hedge funds, emerging market funds, fund-of-funds and private equity funds.

“The cost of production in the fund administration market is directly related to the amount of staff and the quality of technology used to support accounting operations. In order to compete, fund administrators must find ways to significantly reduce operating expenses while enhancing client service,” said Peter Hess, Vice President of Marketing for Advent. “Firms using Advent’s solution should have a significant advantage in the marketplace.”

“The launch of this solution is in keeping with our overall business strategy to introduce solutions that meet the unique needs of the niche markets in financial services,” said Stephanie DiMarco, Chairman and CEO of Advent. “Advent for Fund Administrators is the next in a series of solutions we are introducing this year designed to meet the specific needs of individual markets in the broader financial community.”

About Koger
Koger is the sole and independent provider of transfer agency solutions, NTAS, PTAS and E*TAS since 1994. NTAS is the leading transfer agency solution for hedge funds and other investment structures calculating performance fees using a suite of equalization accounting solutions. The system is fully featured and additionally includes modules for commission calculation, document tacking and compliance processes. Koger’s client list includes all of the major hedge fund administrators worldwide and is serviced from offices in the United States and Ireland and Continental Europe. E*TAS is the web front end to resolve the reporting of real time investor reporting and allowing for straight through processing of trading and information flows from the investment vehicle to investors, manager, brokers and distributors.

About Advent

Advent Software, Inc. ( has been providing trusted solutions to the world’s leading financial professionals 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 financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs.

Kathleen Golden
Advent Software, Inc.
301 Brannan Street
San Francisco  CA  94107
(415) 645-1336