San Francisco, May 22, 2000 - Advent Software, Inc. (Nasdaq: ADVS) announces that The Glenmede Trust Company has joined Advent TrustedNetwork™, and through the service will deliver consolidated personal asset reporting to their high-net-worth clients. As a charter member of Advent TrustedNetwork, Glenmede, a Philadelphia-based trust company with $19 billion in assets under management, will use Advent TrustedNetwork to allow their customers to use the Internet to view their entire portfolio of assets across the financial institutions in which they are held.
Advent TrustedNetwork is a unique business-to-business service enabling financial institutions to use the Internet to deliver cross-institutional consolidated views of individual investors' portfolios.
"Clients of substantial wealth will often have more than one money manager," explains James Kermes, chief executive officer of The Glenmede Trust Company. "There is a need among these clients to view the overall picture of their investments. Our mission is to help our clients identify their needs and help them achieve their goals, something we call Total Wealth Management. Advent TrustedNetwork will be the vehicle that will enable us to continue achieving this mission."
"The issue of consolidated reporting to high-net-worth clients is getting more and more attention as investment managers, brokers, banks and trusts try to determine the best way to build relationships using Internet technology to deliver comprehensive services," says Peter Caswell, president and chief executive officer of Advent. "With Advent TrustedNetwork firms are able to consolidate information for their clients directly from the institutions that house the data. Based on detailed accounting treatments, the data firms receive is much more comprehensive than through any other consolidation service. Advent is leveraging its 17 years as a leading accounting software provider to the financial services industry to provide our clients with an innovative service that will allow them to deliver superior service to their clients," Caswell said.
Advent TrustedNetwork provides the industry's only cross-institutional, consolidated data gathering and reporting platform. Developed by Advent to enable professional investment advisors to deliver a heightened level of service to their clients, Advent TrustedNetwork will allow the consolidated information to be shared simultaneously between trusted financial professionals and their clients.
Advent Software, Inc. is the leading provider of Enterprise Investment Management solutions. The company provides a suite of complementary products for the front, middle and back offices of investment management organizations. The company's common stock is traded on the NASDAQ National Market under the symbol ADVS.
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