San Francisco, CA; London, January 28, 2002 - Advent Software, Inc. (Nasdaq: ADVS) and The Bank of Bermuda’s Global Fund Services division (GFS) are pleased to announce that the Bank will use Advent’s ‘Geneva,’ real-time global portfolio accounting system, and ‘Advent Partner,’ for partnership accounting, throughout GFS’s global network.
Bank of Bermuda’s GFS division selected Advent’s products after a full and structured review of the systems in the marketplace capable of supporting the sophisticated and complex needs of the alternative funds industry globally, placing particular emphasis on hedge funds.
Paul Smith, Head of Bank of Bermuda’s Global Funds Services said, “As a renowned fund administrator to the alternative investments industry worldwide, we are delighted with the technological advancements that the ‘Geneva and ‘Advent Partner’ products offer us. This partnership further underpins our strategic focus and commitment to providing the highest quality service and working with the alternative investments funds sector globally.”
Stephanie DiMarco, Advent’s Chairman, commented, “We are delighted to be working with the Bank of Bermuda, and we are particularly excited about the long-term potential of the relationship. We look forward to delivering products with even more dynamic processing capabilities and instrument coverage, as well as leading edge technological advancements to the global hedge funds arena.”
David Smith, Global Head of Sales and Client Relationships said, “Listening and responding to our clients is what sets the Bank apart from its competitors. By taking this approach, we have been able to identify the best products in the marketplace to suit their needs. This system will allow us to customize our services to our hedge fund clients and their complex requirements.”
Advent’s ‘Geneva’ and ‘Advent Partner’ systems have already been installed for a number of the Bank’s existing North American clients in the New York office. The systems will be rolled out into the Bank’s Dublin and New York offices during 2002, and Bermuda, the rest of Europe and Asia thereafter.
“This represents a significant building block in our technology strategy,” said Simon Maclean, Head of Systems and Operations globally. “We believe that by taking the best that the marketplace has to offer and forming strategic partnerships, the Bank will be positioned to further strengthen its formidable position and drive our business strategy forward.”
About Bank of Bermuda
A leading administrator of alternative investment vehicles, Bank of Bermuda’s Global Fund Services (GFS) division offers a unique range of tailored products to an international client base of specialist and emergent fund managers. Working in partnership with its clients, GFS offers a mix of accounting, valuation, transfer agency, shareholder, corporate management, fiduciary, banking and global custody services. The division has a dedicated global team focused on offering clients a seamless interface wherever they are located, through Bank of Bermuda’s strategic network of offices worldwide (which include Bermuda, Bahrain, Cayman Islands, Dublin, Guernsey, Hong Kong, Isle of Man, Luxembourg, New York, and Singapore). GFS has approximately $90 billion in assets under administration.
Advent Software, Inc. has been providing trusted solutions to the world’s leading professional money managers since 1983. Firms in 45 countries use Advent technology to manage investments totaling more than US $5 trillion. Advent’s quality software, data, services and tools enable managers to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent’s common stock is traded on the NASDAQ National Market under the symbol ADVS.
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