Advent’s Geneva® Helps Admiral Transform its Business

Advent’s Geneva® Helps Admiral Transform its Business

Fund Administrator Almost Doubles Assets under Administration after Implementing Advent’s Award-Winning Portfolio Management and Fund Accounting Platform

SAN FRANCISCO – March 31, 2008 – Advent Software, Inc., (NASDAQ: ADVS), the leading provider of software and solutions for the global investment management industry, today announced that Admiral Administration Limited (“Admiral”) has licensed Geneva®, Advent’s award-winning portfolio management and fund accounting solution.  Admiral is a global hedge fund administrator based in the Cayman Islands.  The firm administers some 300 funds totaling $45 billion.

In 2006, Admiral made a strategic decision to compete for larger funds and expand internationally.  This required the firm to look at expanding its operational platform to provide full NAV accounting and enhanced client reporting.  It selected Advent’s Geneva® system as its first global accounting platform, which enabled the firm to offer full fund accounting, NAV and profit and loss reporting. 

“Implementing Geneva® was much more than a simple transition from manual to automated accounting processes; it meant that we could greatly extend our service offering and now market our services to larger and more complex funds,” said Benjamin Pershick, Chief Operating Officer, Admiral.  “Geneva® definitely helps us market and sell better: one, by enhancing our credibility and, two, by broadening the types of clients we can bring on.  It has definitely exceeded our expectations.” 

Added Pershick, “Between expanded business from existing clients and new accounts that we’ve been able to attract, we’ve experienced tremendous growth.  We’ve been able to increase our assets under administration from about $25 to $45 billion, and a significant portion of that is directly related to Geneva®.  It is more than an accounting system -- it’s a comprehensive global portfolio management platform that is able to handle all of our client needs.”

“It’s a pleasure to welcome Admiral to our growing list of fund administrator clients.  Thanks to our continued investment in our solutions, we are able to provide our customers with best-of-breed technology and up-to-date functionality,” said Chris Momsen, Senior Vice President, Sales and Marketing and Co-Head of Global Accounts for Advent.  “We are very pleased that Admiral has chosen Geneva® as their global portfolio management platform, and that it has had such a positive and significant impact on their business.”

About Admiral
Admiral was established in 1996 to provide administration to a leading family of offshore hedge funds. From its humble beginnings of 5 employees ten years ago, Admiral has evolved into one of the largest independent fund administrators in the industry, establishing itself as a global player alongside the likes of Goldman Sachs, Citco and Morgan Stanley.

  • In 2007 Admiral was ranked by Institutional Investor’s Alpha Magazine annual Hedge Funds Top Service Providers survey. Managers with less than US $1 billion in assets ranked Admiral third in service excellence among such industry leaders as Goldman Sachs and Citco Fund Services. This followed a number 2 ranking in overall excellence in 2006 in the Alpha Awards behind Goldman Sachs and ahead of Morgan Stanley, as well as a number 1 ranking in middle office services;
  • Admiral holds a number 15 ranking in assets under administration in the HFM Magazine survey for single manager funds (up 42% in 6 months and 80% for the year). Five years ago it was a US $4 billion group. Admiral now has more than 300 funds and US $45 billion under administration. Admiral has accomplished this feat in a space that is dominated by large, world renowned investment banks that are able to push business to their administration divisions;
  • Admiral has expanded globally building on the success of the Cayman operation, opening offices in Ireland and the United States in 2007 and preparing to open an office in Singapore later in 2008;
  • Admiral has designed, developed and implemented a state of the art in-house proprietary registrar and transfer agent and web reporting system that has received commendation from clients to the effect that it is ahead of the curve and gives the company a competitive advantage in the industry.

About Geneva®
Geneva®, a global investment management and accounting platform, is a proven solution for asset managers, hedge funds, fund administrators, prime brokers, and mutual funds that require a high level of operational efficiency and easy access to real time data.  Geneva® offers comprehensive instrument coverage, full financial general ledger, and industry-standard integration tools enable firms to manage complex investment vehicles, multiple investment strategies, and tiered fund structures.

About Advent
Advent Software, Inc. (, a global firm, has provided trusted solutions to the world’s leading financial professionals since 1983.  Firms in 60 countries use Advent technology and manage investments totaling nearly US $18 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.  Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support organization. 

Advent and Geneva are registered trademarks of Advent Software, Inc.  All other company names or marks mentioned herein are those of their respective owners.

Jessica Miller
Advent Software, Inc.
(415) 645-1668