New York, NY, September 4, 2003 - Lehman Brothers and Advent Software, Inc. today announced an agreement designed to offer Partnership Accounting software and performance measurement reporting to Lehman Brothers’ Global Prime Brokerage clients. Lehman Brothers will be the first prime broker to offer performance measurement and partnership accounting as a fully automated and integrated solution with Advent’s Geneva® portfolio accounting platform already deployed by Lehman Brothers. The integration will increase operational efficiency for Lehman Brothers’ hedge fund clients.
Geneva’s new performance measurement functionality will allow Lehman Brothers’ Global Prime Brokerage clients to receive daily time weighted returns and a multi-currency and portfolio-level performance measurement service. Performance measurement will be integrated with Prime Brokerage’s existing global portfolio accounting platform. The features include the calculation of daily, weekly, monthly, quarter-to-date and year-to-date rates of return, as well as benchmarking to indices. This initiative will go live at Lehman Brothers in 2004.
Additionally, Advent Partner®, Advent’s partnership accounting application, will be offered to Lehman Brothers’ Global Prime Brokerage clients for local installation, and is fully integrated with Geneva®. Advent Partner®, will enable hedge funds to calculate both economic and tax allocations and generate K-1s for the funds.
Lehman Brothers’ Global Prime Brokerage Group provides its clients with a full range of prime brokerage and equity finance products and services. The partnership accounting services and performance measurement functionality are the latest additions to its innovative financing, on-line securities lending, risk management, comprehensive Web portal, market leading synthetics, capital introductions and highly ranked client services.
Jeffrey Dorman, managing director and Global Head of Equity Finance and Prime Brokerage at Lehman Brothers, said, "Industry-leading software providers have developed a new generation of robust, integrated tools designed for the specific automation challenges of today's changing hedge fund industry. Providing a service that integrates and automates these functions enables our hedge fund clients to decrease their overhead by eliminating time-consuming processing and reporting tasks. This will enable our clients to dedicate more time to revenue-enhancing activities, such as maximizing performance, fine tuning investment strategies and delivering better information in the form of timely, flexible and accurate reports to their clients."
Neil Sherman, managing director and Global Head of Lehman Brothers’ Prime Brokerage and Equity Finance Sales Group, added, “We continue to enhance our existing products and services and add the latest technology solutions for our hedge fund clients. Advent’s partnership accounting and performance applications are the newest additions to our award-winning reporting and technology platform. We are committed to servicing our hedge fund clients in the most complete way, and enabling them to streamline their operations by providing best of breed technology solutions. Lehman Brothers is the first prime broker to offer a fully integrated and automated technology platform which enables our clients to use a full array of accounting and reporting solutions.”
Stephanie DiMarco, chairman and CEO of Advent Software, said, “We are very pleased and privileged to join with Lehman Brothers’ Prime Brokerage to offer Advent Partner® and Geneva’s® new performance measurement functionality to their clients. We believe technology should be tailored to our clients’ businesses and enable them to differentiate themselves in the marketplace by delivering information faster and more accurately to their clients. Our best-of-breed solutions, including Geneva® with its robust and sophisticated functionality, additionally positions Lehman Brother’s Global Prime Brokerage with the comprehensive integrated services that will distinguish them when competing in the rapidly changing global marketplace.”
About Lehman Brothers
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, hedge funds, institutional clients, and high-net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private equity, and private client services. The Firm is headquartered in New York, London, and Tokyo and operates in a network of offices around the world. For further information about Lehman Brothers' services, products, and recruitment opportunities, visit our Web site at www.lehman.com.
About Advent Software, Inc.
Advent Software, Inc. (ticker symbol ADVS) has been providing trusted solutions to the world's leading financial professionals since 1983. Firms in 55 countries use Advent technology to manage investments totaling more than US $8 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. For further information about Advent, visit their Web site at www.advent.com.
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107