STOCKHOLM – May 17, 2002 - Advent Sweden, a subsidiary of Advent Software, Inc.® (NASDAQ: ADVS), announces that Swedish based Folksam, one of the largest insurance companies in Sweden, has chosen Advent Office™ as their integrated solution for their trade order management system.
With about 105 Billion SEK in assets under management and more than 3000 employees in 70 offices over Sweden, Folksam serves the needs of about 4 Million private clients. The company is active within the areas of life insurance, pensions, funds, and asset management. The Asset Management Department of Folksam will integrate the Advent Office solution with their existing back office system, which together will handle the complete work flow from investment decision to settled trades.
Reduction of cost, risk & manual work
Folksam Kapitalförvaltning needed a scalable trade order management solution where they would have the ability to increase the number of portfolios and their trading volumes, whilst maintaining the same number of staff. Previously, their order flow was managed by different in-house developed solutions, and through some manual routines.“
By implementing Advent Office, Folksam will reduce manual work and the risk of making errors as the system prevents us from violating our client’s investment mandates and ensures that we comply with the statutory requirements”, says CEO, Håkan Johansson of Folksam. “We expect to find ourselves in a position where we will expand our fund management activities and have a larger transaction flow, all without increasing the head count”, Håkan Johansson concludes.
Best in class
Advent Sweden is very pleased and proud to be able to add a prestigious account like Folksam, to their growing client base. Recently, Morningstar and DI elected Folksam best in their class. ”All in all”, says Mats Berggren, Country Manager of Advent Sweden “I am thrilled that Folksam saw the strength of our trade order management solution. I am now eager for them to see that they made the right choice between the competition and Advent Office.”
Advent Sweden AB was founded in year 2000. It was acquired by Advent Software, Inc. in 2001 and serves the Swedish Investment Management Market.
Advent Software, Inc. has been providing trusted solutions to the worlds’ leading asset managers since 1983. Firms in 55 countries use Advent technology to manage investments totalling more than US $8 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.
Advent Software Inc. is located at 301 Brannan Street, San Francisco, CA 94107, telephone +1 415 543 7696, www.advent.com. Advent Software, Inc. is a registered trademark of Advent Software. All other products or services mentioned herein are trademarks or registered trademarks of their respective companies.
Anne Line Lande, Marketing Manager