Bedrock Realtime Chooses Geneva® to Consolidate Existing Platforms and Launch Major New Business Initiative
Leading Swiss Asset Management Firm Implements Advent’s Geneva® to Offer Back Office Service and Independent NAV Verifications for Hedge Funds
LONDON and SAN FRANCISCO – November 1, 2007 – Advent Software, Inc., (NASDAQ: ADVS), the leading provider of software and solutions for the global investment management industry, today announced that Bedrock Realtime has licensed Geneva®, Advent’s leading portfolio management and fund accounting solution. Bedrock Realtime is part of the Bedrock Group, a wealth management and hedge fund operation, based in Geneva, Switzerland, currently managing assets of approximately $3.7 billion.
Bedrock turned to Geneva® when they decided to expand their business by offering other hedge funds the ability to use their back office services, in particular providing an independent NAV valuation service. This pioneering approach gives hedge funds an alternative option to develop their own back office infrastructure.
Before migrating to Geneva®, Bedrock had been running a successful hedge fund and wealth management business using Advent Portfolio Exchange® (APX) for all of their portfolio management and client reporting requirements. Prior to APX, they were using Axys®.
“Our business has grown dramatically since we first implemented Advent’s portfolio management product Axys® back in 2004,” explains Daniel Fink, Managing Director, Bedrock Realtime. “As our wealth management business grew, we wanted to enhance our portfolio management operations and increase our focus on client service and relationship management; APX was an excellent solution and has served us well in meeting all of our objectives,” continued Fink.
“As we’ve seen growth in our hedge fund business, we decided we needed a system that could calculate our own NAV’s. With this in mind, and our very positive experience working with Advent over the years, we decided to migrate our wealth and hedge platforms to the market leading Geneva® solution with its proven track record in the hedge fund market,” concluded Fink.
“We are delighted that Bedrock has further strengthened their relationship with us. Their decision to upgrade and follow the full migration path from Axys® to APX through to Geneva®, is a testament to our commitment of supporting our clients as their businesses grow and evolve,” said Hakan Valberg, General Manager, Advent Software, EMEA.
About Bedrock Realtime
Bedrock Realtime is a provider of front to back infrastructure solutions for alternative asset managers. Bedrock Realtime is the services arm of Bedrock Group, a Geneva-based global wealth manager with more than $3.7 billion under management.
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 multi-national 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 $14 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. For more information about Advent in EMEA visit www.adventemea.com
Advent, Advent Portfolio Exchange, Axys and Geneva are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.