BOSTON and SAN FRANCISCO – September 10, 2008 – Fidelity Prime Services®, a business of Fidelity Capital Markets Services, and Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the investment management industry, today announced that Fidelity has implemented Geneva® 7.0 into its prime brokerage trading platform for institutional money managers, including hedge funds. Geneva® 7.0 is Advent’s most recent version of its sophisticated global portfolio management and fund accounting solution.
Through Geneva® 7.0, Fidelity Prime Services is able to provide its institutional clients with access to real-time portfolio data and enhanced reporting capabilities. In addition, the platform allows clients to easily integrate with other applications, both internal and external, and facilitate sharing of data among prime brokers, clients, and other service providers. Fidelity Prime Services is the first prime broker to be fully operational on Geneva® 7.0.
“Fidelity Prime Services has experienced significant growth since its inception five years ago,” said Jim Coughlin, Senior Vice President, Fidelity Prime Services. “At the same time, our prime brokerage clients have increasingly requested customized, real-time portfolio accounting and reporting capabilities. By incorporating a scalable technology platform, such as Geneva®, into our existing suite of securities lending, cash management and execution solutions, we are able to provide clients with the comprehensive, actionable information needed to help them efficiently manage their sophisticated trading strategies.”
“We are thrilled to announce that Fidelity Prime Services has selected Geneva®,” said Chris Momsen, Senior Vice President and Co-Head of Global Accounts for Advent. “We are committed to providing our customers with best-of-breed solutions to meet their growing business needs, and we look forward to working closely with Fidelity to provide them with a platform that will help them build, develop and deliver new products to their clients. Our success is rooted in the success of our customers, and we’re proud to add Fidelity to our growing roster of industry-leading clients.”
Geneva® assists 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. It offers comprehensive instrument coverage, full financial general ledger and industry-standard integration tools which enable firms to manage complex investment vehicles and multiple investment strategies.
“Reliable and customized portfolio reporting capabilities are critical to the services we provide to our prime brokerage clients, decreasing the amount of time they must spend formatting and translating portfolio details used to manage investments,” said Steve Richard, Senior Vice President, Fidelity Prime Services. “Not only does Geneva® allow us to electronically deliver high quality data, but we also can deliver it more quickly -- reconciling trade details for clients on trade date.”
About Fidelity Prime Services
Fidelity Prime Services® provides a prime brokerage platform that allows for the optimal execution of its hedge fund clients’ investment strategies. Fidelity Prime Services provides securities lending, execution, financing, reporting, clearing and custody for sophisticated institutional investment managers. Fidelity Prime Services is an offering of Fidelity Capital Markets Services. For more information about Fidelity Prime Services, visit www.fidelityprime.com.
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. For more information on Geneva®, click here.
Advent Software, Inc. (www.advent.com), a global company, 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 $18 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 on Advent products, click here.
Fidelity Investments & Pyramid Design and Fidelity Prime Services are registered trademarks of FMR LLC.
The Advent logo, Advent Software and Geneva are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
Clearing, custody or other brokerage services may be provided by National Financial Services LLC or Fidelity Brokerage Services LLC, members NYSE, SIPC.
Advent Software, Inc.
Fidelity Corporate Communications