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.”
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.
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.
Advent Software, Inc. (www.advent.com), 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.
Advent Software, Inc.