Bank of New York’s Pershing Unit and Advent Software Enter Into Software Distribution Agreement

The Bank of New York’s Pershing Unit and Advent Software Enter Into Software Distribution Agreement

Pershing to Provide Customers with Access to Advent’s Leading Portfolio Accounting and Reporting Tools

JERSEY CITY, N.J. and SAN FRANCISCO, C.A., April 27, 2005 – Pershing LLC, a member of BNY Securities Group and a subsidiary of The Bank of New York Company, Inc., and Advent Software, Inc. (NASDAQ: ADVS) announced that they have entered into a license and distribution agreement. The agreement will allow Pershing’s independent registered investment advisor customers (RIAs) and RIAs affiliated with the firm’s introducing broker-dealer customers to access Advent® Back Office Service technology for portfolio accounting and performance reporting.

In delivering the Advent® Back Office Service, RIAs will have access to a solution that enables them to leverage Advent’s Axys® portfolio accounting and reporting software, while outsourcing the data management and information delivery functions to Pershing. This will enable RIAs to receive daily reconciliation services and full Axys functionality via the Internet.

“We are committed to providing the highest quality services and solutions to those independent RIAs supported by Pershing Investment Manager Services and to RIAs affiliated with our introducing broker-dealer customers,” said John Iachello, managing director, Pershing Investment Manager Services. “Pershing’s agreement with Advent furthers that goal by providing access to the industry’s leading portfolio accounting and performance reporting technology. In today’s competitive environment, our customers require access to an outsourced data management and performance reporting tool that will help reduce the burdens of managing technology and data, and enable them to focus on building their businesses and client relationships. This agreement represents an important step in meeting those needs.”

“Pershing is an extremely well respected provider of clearing and outsourcing solutions to financial intermediaries. Pershing has earned its reputation as a leading firm because of its commitment to helping its customers grow their businesses. The combination of our respective expertise will lead to greater efficiencies and client focus for independent RIAs, as well as RIAs affiliated with Pershing’s introducing broker-dealer customers,” said Will Clemens, vice president of Advent’s straight-through processing and data management business.

Pershing is a leading global provider of clearing and financial services outsourcing solutions to more than 1,100 institutional and retail financial organizations and independent investment advisors who collectively represent over 6 million individual investors.  Located in 22 offices worldwide, Pershing provides customers with innovative technology solutions and a wide range of value-added products and services, including asset-gathering products and managed account services, extensive trading and financing capabilities, and website development.  Pershing LLC (member NYSE/NASD/SIPC) is a member of every major U.S. securities exchange and its international affiliates are members of the Frankfurt, Irish, and London Stock Exchanges. Pershing LLC is a member of BNY Securities Group and a subsidiary of The Bank of New York Company, Inc. BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide.  The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services.  The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations.  Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide.  Additional information is available at www.bankofny.com.

Advent Software, Inc. (www.advent.com), a multi-national company, has been providing trusted solutions to the world's leading financial professionals since 1983. Firms in 50 countries using Advent technology manage investments totaling more than US $8 trillion. Advent's quality software, data and services enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs.

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

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CONTACTS:
Pershing LLC
Barbara Gallo
201-413-2930
  
Advent Software, Inc.
Kathleen Golden
415-645-1336