SAN FRANCISCO – August 5, 2010 - Advent Software, Inc. (NASDAQ:ADVS) a leading provider of software and services for the global investment management industry, today announced that Maples Finance is using Geneva®, Advent’s award-winning portfolio management and fund accounting solution, to capitalize on the growing demand for managed account administration services among institutional investors. Geneva® will serve as the firm’s platform for servicing multiple managed accounts and managers on behalf of investors.
During the market turmoil of 2008, many institutional investors experienced large losses and liquidity issues in their alternative investment portfolios. Since then, they have been rethinking their hedge fund exposure and looking at managed accounts as an alternative. Through managed accounts, investors can pursue hedge fund strategies, but their assets are not commingled with those of others. Investors view managed accounts as offering greater control, transparency and liquidity.
Administering a platform of multiple hedge fund managers, however, poses operational challenges beyond the scope of many institutions. Maples Finance, a diversified provider of professional fund services, recognized the opportunity to fill that need. The firm originally implemented Advent’s Geneva® to support its global fund administration business, and therefore had the infrastructure in place to meet the complex accounting and reporting requirements of multiple managed accounts. Combined with the firm’s track record of accounting expertise, the technology enables Maples to expand its client base beyond hedge fund managers and service institutional investors directly.
“Hedge fund managed accounts can be quite complex in terms of security types, trade volume and fund structure,” says Tyler Kim, Chief Information Officer, Maples Finance. “A managed accounts platform needs to be able to handle a wide array of instruments, strategies and currencies. Geneva® provides this and enables us to offer the consolidated reporting and position-level transparency that institutional investors are looking for from managed accounts.”
“We’re thrilled to see Maples Finance taking the lead in adapting Geneva® to this new and growing market,” said Chris Momsen, Senior Vice President and General Manager, Sales and Marketing, Advent. “Maples has a long-standing reputation for excellence in client service and industry thought leadership, and Geneva® is recognized as the gold standard for portfolio management in the alternative investment industry. That combination adds up to a very compelling value proposition for institutional investors’ managed accounts.”
About Maples Finance
Maples Finance is an independent global fund services provider. It has offices in a number of leading financial centres including Montreal, Dubai, Dublin, London, Luxembourg, Hong Kong, New York and the Cayman Islands. The firm provides a full range of fund administration services to onshore and offshore funds and also provides accounting and fiduciary services, including directorships, trustee and liquidation services. The firm's clients come from a wide range of investment management firms and global financial institutions. Maples Finance is led by a team of experienced professionals and is committed to providing a high level of service, tailored to specific client requirements. For more information, visit www.maplesfinance.com.
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 to enable firms to manage complex investment vehicles, multiple investment strategies, and tiered fund structures. For more information on Geneva® visit https://secure.advent.com/info/pr_geneva.
Advent Software, Inc., a global firm, has provided trusted solutions to the world’s financial professionals since 1983. Firms in more than 60 countries rely on Advent technology to run their mission-critical operations. 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 and services organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr.
Advent, the Advent logo, Advent Software 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.