SAN FRANCISCO – August 1, 2006 – Advent Software, Inc. (NASDAQ:ADVS), the leading provider of software and services to the investment management industry, announced today that Jefferies & Company, Inc., a New York-based global investment bank and institutional securities firm, has selected Advent’s Geneva® to help manage and grow its expanding prime brokerage offering. Serving eight of the top ten prime brokers worldwide, Geneva® is the cornerstone of Advent’s comprehensive global investment management and accounting platform.
Jefferies’ prime brokerage unit provides a full range of transactional services, including trade execution, clearance, settlement and Web-based portfolio reporting to members of the professional investment community, namely hedge funds, money managers and registered investment advisors. With such a comprehensive set of operations, Jefferies needed a prime brokerage management solution capable of accounting for each client’s funds regardless of size, complexity or trading volumes, while streamlining their operations and reducing costs. Geneva®’s real-time, no-batch architecture provides the response time, reliability, and accuracy needed when dealing with complex operational and business growth challenges, allowing Jefferies to quickly bring on new accounts without adding operations staff.
“Jefferies’ prime brokerage business is a key area of growth for the company so it was critical that we select the right solution to support our efforts. After surveying the market, it was clear that Advent’s Geneva® solution is the gold standard in our industry,” said Glen C. Dailey, Head of Prime Brokerage Services at Jefferies. “With Geneva®, we can efficiently support the full range of investment vehicles, while providing timely, flexible reporting options to our clients, both cornerstones of our prime brokerage offering.”
Geneva® is an innovative system built on a unique open systems architecture that delivers the power and scalability required by the largest prime brokers in the industry. “We see tremendous advantage in Geneva®’s open system design, which will allow us to create a scalable work environment tying into legacy, proprietary and other existing software systems,” continued Mr. Dailey of Jefferies. “Geneva® will allow us to maintain our standard of client satisfaction; while generating revenues on new accounts more quickly.”
“The prime broker market is extremely competitive. Jefferies needed a platform that could adapt to the continually evolving investment management landscape, while demonstrating strong technological and back office capabilities,” said Peter Hess, Senior Vice President and General Manager for Global Accounts, Advent. “Geneva® is the most flexible, reliable and scalable accounting system available today for this important market.”
Advent Software, Inc. (www.advent.com), a multi-national company, has been providing trusted solutions to the world's leading financial professionals since 1983. Firms in more than 60 countries using Advent technology manage investments totaling more than US $12 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. Advent is the only financial services company to be awarded the Support Center Practices certification for being a world-class support organization.
Advent and Geneva are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
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Katherine Calvert, Advent Software, Inc.
Sarah Rector, Ogilvy Public Relations