San Francisco, CA, March 15, 2001, March 15, 2001 - Advent Software, Inc. (Nasdaq: ADVS) announces that Cole Taylor Bank, First Republic of San Francisco, and The Provident Bank are among the initial 40 bank and trust institutions that have joined Advent TrustedNetwork through an exclusive agreement between Advent and SunGard (NYSE:SDS). This agreement, announced last fall, was designed to provide SunGard's 700 bank and trust clients with the ability to connect to Advent's network of data providers. Advent TrustedNetwork enables financial institutions to use the Internet to deliver cross-institutional, consolidated views of individual investors' portfolios.
Today, some 17 million US households have more than $500,000 in investable assets. Most of these investors maintain multiple investment accounts, which may include any combination of brokerage accounts, trust accounts, IRAs and 401ks. Consolidating these accounts manually is not only time-consuming, but also error-prone. These obstacles have left the vast majority of investors without access to a consolidated view of their entire holdings or the means of receiving professional advice based on that consolidated information.
Advent TrustedNetwork was developed to change this situation, by leveraging Advent's data gathering and reporting tools to enable financial institutions to deliver cross-institutional, consolidated views of their clients' portfolios, over the Internet. This consolidated information can then be shared simultaneously between investors and their trusted financial advisors. As more and more institutions sign on to make their account information available to Advent TrustedNetwork, the inherent benefits of the overall solution continues to grow.
Advent's agreement with SunGard was launched last year to provide SunGard's extensive base of bank and trust clients with access to Advent's network of data providers. Through the agreement, clients of SunGard's AutoTrust, TrustwareÆ Series 7, TrustwareÆ 11, Omni ESƒ, and Global PlusÆ systems are given the opportunity to participate in Advent TrustedNetwork. With access to Advent TrustedNetwork, these bank and trust organizations will be able to offer a greater array of services to their customers by providing them with consolidated statements of their holdings across multiple institutions.
"We're happy to be expanding our relationship with Advent and are thrilled to be connecting SunGard's account aggregation data service, STN Consolidated Accounts, with Advent TrustedNetwork. By combining Advent TrustedNetwork with SunGard's more than 10,000 clients, we stand to provide a truly unique service to the investment community. This has the potential to be the largest and deepest repository of investment account information in the industry," said Paul Schneider, group chief executive officer, SunGard Financial Networks.
"Investment professionals are in a period where it is imperative for them to offer an increasing level of value to their clients. For this they demand better tools that allow them to provide more comprehensive services. Advent TrustedNetwork is just such a tool, as it can greatly enhance investment professionals' ability to not only provide more comprehensive services to their clients, but also help them gain a competitive advantage in winning the 'trusted advisor' relationship with existing and new clients," said Peter Caswell, president and chief executive officer of Advent.
"Our collaboration with SunGard has proven to be very successful, as we both realize the importance of making our mutual clients as successful as possible. With the addition of ever more firms to the network, Advent is building an important next-generation tool for client retention and high-level service," Caswell continued.
Advent Software, Inc. is the leading provider of Enterprise Investment Management solutions. The company provides a suite of complementary products for the front, middle and back offices of investment management organizations. The company's common stock is traded on the NASDAQ National Market under the symbol ADVS.
SunGard (NYSE:SDS) is a global leader in integrated IT solutions and eProcessing for financial services. SunGard is also the pioneer and leading provider of high-availability infrastructure for business continuity. With annual revenues in excess of $1 billion, SunGard serves more than 10,000 clients in over 50 countries, including 47 of the world's 50 largest financial services institutions. Visit SunGard at www.sungard.com.
Advent Software, Inc.
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