Gainskeeper and Advent Offer Streamlined Solution for Complex Tax Rules

Gainskeeper and Advent Offer Streamlined Solution for Complex Tax Rules

GainsKeeper FundTax and Advent’s Geneva® Combines Industry’s Best of Breed Solutions for Straight-Through Processing of Tax Reports

Boston, MA, October 5, 2005 – GainsKeeper® and Advent Software, Inc (NASDAQ: ADVS) today announced a strategic relationship that combines two of the industry’s “best-of-breed” products for asset managers. The agreement enables Advent to integrate GainsKeeper’s FundTax™ tax reporting solution with Advent’s Geneva® global fund accounting and portfolio management platform, providing the industry’s first straight-through processing of tax reports. GainsKeeper is a part of Wolters Kluwer Corporate & Financial Services division.

“Asset managers and their administrators are responsible for accurately accounting for and reporting on specialized tax events such as wash sales, qualified dividends income, and more,” Peter Hess, senior vice president of the Global Accounts business unit for Advent said. “Identifying qualified tax events and implementing required tax accounting adjustments introduces unwanted cost and risk to the operations of the responsible party. Together, Advent and Gainskeeper provide tools to help firms mitigate this operational risk, reduce operating expense, and enabling users to provide what-if tax analysis and intra-year estimates to maximize investment performance and differentiate their services.”

The modules of FundTax integrated with Geneva® and immediately available to Geneva® clients include:

  • Wash Sales – GainsKeeper’s FundTax provides full tracking of wash sale deferrals and reversals, holding period carry-over and basis adjustment. Wash sale reports can be generated on demand and detail every wash sale, the related cost, and the related short- and long-term classification. FundTax’s wash sale algorithms are fully integrated with corporate action functionality, eliminating the burdensome task of tracking wash sales across reorganization events, like mergers, acquisitions and spin-offs.  
  • Qualified Dividend Income (QDI) - QDI reporting includes calculation of the 61 day holding period requirement, foreign qualification and domestic qualification. The reporting takes into account hedged positions and the resulting reduction in holding period.
  • Dividends Received Deduction (DRD) - DRD reporting functionality is designed to calculate the 46 day holding period requirement; taking into account hedged positions and the reduction in holding period.     
  • Dividend Tax Expense- Dividend Tax Expense reporting compiles the necessary data required to report capitalized dividends and associated basis adjustments.

Geneva® is the industry’s premier, real-time global investment accounting solution.  It solves the complex challenges faced by global investment managers with the speed and efficiency unmatched in the marketplace today. Geneva® delivers the industry’s only “main memory” database system, offering more accurate and flexible reporting, and eliminating batch processing and time-consuming error corrections. Geneva® also unifies the general ledger and portfolio sub-ledgers, for real-time reporting and seamless, automated reconciliation, and features a large inventory of security types and transaction coverage, helping firms react to changes in business climate by handling both existing and future investment opportunities.

“Geneva® has a strong history of providing cutting-edge tools and value-added services to support the complex challenges faced by global asset managers, mutual funds, hedge funds, fund administrators and prime brokers,” said Sanjeev Doss, GainsKeeper’s director and tax counsel. “Integrating FundTax will ease the considerable time these firms spend on tax compliance while enabling them more strategic management of each fund’s tax posture.”

About GainsKeeper
GainsKeeper, a part of Wolters Kluwer Corporate & Financial Services division, provides automated tax-based financial tools and services to the investment community. GainsKeeper Institutional Services (GKIS) provides application service provider (ASP) solutions for financial institutions, enabling them to offer sophisticated tax lot accounting services to their customers without incurring the high cost of building, maintaining, and housing the systems and operations necessary to provide institutional-quality service. GKIS ( solutions—ranging from back-office outsourcing to fully integrated, Internet-based tools and services—are utilized by the brokerage, mutual fund, and fund administration industries.

Wolters Kluwer is a leading multinational publisher and information services company. The company’s core markets are spread across the health, tax, accounting, corporate, financial services, legal and regulatory, and education sectors. Wolters Kluwer has annual revenues (2004) of €3.3 billion, employs approximately 18,400 people worldwide, and maintains operations across Europe, North America and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its depositary receipts of shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

About Advent
Advent Software, Inc., 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.

Forward Looking Statements
Any forward looking statements included in this press release involve risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include market acceptance of new products, the impact of initiatives by competitors, and other risks detailed in Advent’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, as amended, copies of which may be obtained by contacting Advent Software at 415-645-1787, or by visiting Advent’s Investor Relations website at

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

Kathleen Golden, Advent Software
(415) 645-1336

Peggy Wilson       
Wolters Kluwer Corporate & Financial Services    
800.397.2341, Ext. 5260