San Francisco and Boston, April 24, 2002 - Advent Software, Inc. (Nasdaq: ADVS) and Fidelity Investments Institutional Brokerage Group (Fidelity) today announced that they have reached an agreement to extend Advent’s support of the point-to-point interface for those customers of Fidelity currently using the service for five additional years through 2007, and Fidelity will participate in Advent TrustedNetwork®, the industry’s first solution enabling financial organizations to deliver consolidated account information from multiple financial institutions to investment advisors.
“Our experience serving advisors has shown us the importance of delivering a wide range of choices that are most consistent with how they do business,” said Jay Lanigan, executive vice president and head of Fidelity Investments Institutional Brokerage Group’s RIA business.
“This agreement with Advent underscores our commitment to serve the best interests of our clients, now and in the future, by providing them the flexibility to choose the resources that best meets their business goals.”
Through Advent’s account data interfaces, Registered Investment Advisor (RIA) and Correspondent Broker/Dealer clients of Fidelity will be able to perform the following functions:
· Import custodial transactions;
· Provide for position-based reconciliation of rejected transactions; and
· Import prices and other security master elements into their portfolio accounting and management software.
“Advent is pleased to have Fidelity participate in Advent TrustedNetwork, both as an account provider and strategic advisor,” said Collin Cohen, executive vice president of Advent. “Fidelity is a leading provider to independent advisors as well as advisors associated with correspondent broker/dealers. The wealth management services that they are making available to their customers have them at the forefront of the high-net-worth market.”
Advent TrustedNetwork is a data aggregation service that collects and distributes transaction-level investor account data, such as security positions and transaction history, from participating financial institutions, including brokerage firms, banks and other custodians. The service enables investment advisors to deliver holistic wealth planning strategies based on consolidated reports and online analysis of an investor’s total wealth, regardless of where those accounts are custodied.
“The growing demand for sophisticated wealth planning among high-net-worth investors offers independent advisors a tremendous business-building opportunity,” said Patrick Jancsy, senior vice president, Product Management, Fidelity Investments Institutional Brokerage Group. “Fidelity’s expanded relationship with Advent strengthens our ability to provide clients with a choice of quality wealth management resources that can help them cultivate deeper client relationships and improve their competitive market position. Through Fidelity and Advent TrustedNetwork, advisors can provide custom investment strategies for their clients on both the accounts they manage and accounts those clients have at other firms.”
Fidelity will join the Advent TrustedNetwork Advisory Council to provide ongoing feedback regarding future enhancements to the service. Fidelity also will become a preferred provider to Advent Outsource, streamlining the exchange of data and sharing of capabilities between the two firms. The Advent Outsource solution provides daily data management and other back office functions for firms that choose to use Advent solutions on a hosted basis rather than installing software on their local networks and PCs.
About Fidelity Investments Institutional Brokerage Group
Fidelity Investments Institutional Brokerage Group provides clearing, custody and integrated brokerage services supporting the diverse needs of a wide array of financial institutions including Correspondent Broker/Dealers, Registered Investment Advisors, third party administrators, banks, brokerage firms and insurance companies. Fidelity’s products and services consist of equity and fixed-income securities trading, custody and money management systems, investment management products, asset allocation tools, securities execution and clearance and technology solutions. Fidelity also provides its clients with dedicated client services support and comprehensive marketing programs. As of March 31, 2002, Fidelity was custodian for approximately $263.4 billion in correspondent Broker/Dealer assets from bank, independent contractor, full-service and discount brokers. Fidelity also was custodian to $61.5 billion in assets custodied for registered investment advisors. Fidelity Investment Institutional Brokerage Group’s website is at www.ibg.fidelity.com.
Advent Software, Inc. has been providing trusted solutions to the worlds’ 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.
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107