SAN FRANCISCO – March 11, 2009 – Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that Private Capital Management (“PCM”) has implemented its trading and compliance suite, comprised of Moxy® and Advent Rules Manager®.
Moxy® is Advent’s industry-leading trade order management solution (OMS) and the most widely used OMS in the industry. Moxy® has more than 850 clients worldwide and over half its client base manages assets in excess of $1 billion. Advent Rules Manager® is its compliance solution for pre- and post-trade rule checking, portfolio monitoring and automated record-keeping.
Based in Naples, Florida, PCM manages U.S. equity portfolios for a mix of high net worth and institutional clients. A wholly owned subsidiary of Legg Mason, PCM has approximately 30 employees and some $3 billion in assets under management as of December 31, 2008. PCM was seeking to improve the performance of its trade order management system. Generating orders and getting them to the trading desk with its existing standalone OMS compliance product took longer than the firm wanted and required offline processes. Moreover, the system had difficulty importing and exporting data to and from other applications.
After a thorough review of the alternatives on the market, PCM converted from its existing trading system to Advent’s trading and compliance suite. The firm was already using other Advent products, including Axys®, its turnkey portfolio accounting solution, so Moxy® and Advent Rules Manager® integrated seamlessly into the operation. Along with the performance and integration issues cited with its previous trading system, PCM saw the logic of having a single provider for its core investment technology platform.
“Our goal was to find a new system where those processes that previously took place outside of the order management system could take place directly within the system with the least amount of user intervention, and we achieved that objective with Moxy®. With Advent Rules Manger®, we now have the automated compliance support that we needed and much more, including pre- and post-trade rules checking and portfolio monitoring,” said Pedro Rolon, Information Technology Director, Private Capital Management. “With an integrated trading and compliance solution from Advent, we no longer have difficulty importing and exporting data to and from other applications.”
Added Rolon, “The priority for PCM was to find a platform that would integrate seamlessly with our other in-house systems, and we have achieved that with Advent’s trading and compliance suite; we view Moxy® and Advent Rules Manager® as one solution, one system.”
“PCM is another example of a growing list of clients that are tapping Advent to give them a strong competitive advantage and meet all of their trading and compliance needs,” said Govind Sandhu, Director of Product Management at Advent. “We are very pleased to support PCM’s business by providing them with a comprehensive solution that delivers speed and scalability to their operations; its ability to make clients more efficient by streamlining and automating operations make Advent’s trading and compliance suite the solution of choice over the competition.”
Moxy® is the industry leading OMS deployed at over 850 firms which automates and streamlines the trading and order management process of partial and complete executions and allows the user to send allocation results to brokers electronically. Moxy® also provides Internet-ready electronic order routing based on the industry standard FIX messaging protocol, allowing users to route trades electronically to any FIX-compliant broker or crossing network that supports the internet or other TCP/IP connections. For more information on Moxy® visit https://secure.advent.com/info/pr_moxy.
About Advent Rules Manager®
Advent Rules Manager® is a tightly integrated, comprehensive solution that meets investment management firms’ increasingly complex trading compliance and portfolio monitoring requirements. It is a rules-based solution that enables firms to easily and accurately define their trading and portfolio policies, and automate their control and review. Advent Rules Manager® helps firms record, test and compare their compliance practices against their policies, demonstrating that their compliance program is managed proactively.
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. 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 visit http://www.advent.com/about/resources/demos/pr.
The Advent logo, Advent Software, Advent Rules Manager, Axys and Moxy are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
Advent Software, Inc.
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