San Francisco, CA, February 22, 2000 - Advent Software, Inc. (Nasdaq: ADVS) today announced an industry STP Alliance that will offer turnkey straight-through processing services to Advent clients. Advent clients will be able to route equity orders through Advent’s Moxy¸ FIX service to the SunGard DirectTM service via the SunGard Transaction Network. Advent is a leading provider of Enterprise Investment Management services. SunGard is a global leader in integrated IT solutions and eProcessing for financial services.
The STP Alliance will allow SunGard to offer STP services to Advent’s 5,800 investment management clients. They would join more than 700 banks, 1,000 money managers, 35 million 401K plan participants, 1,500 insurance companies, and 180 brokers, who are already able to achieve the benefits of eProcessing via the SunGard Transaction Network.
SunGard Direct links Advent clients seamlessly to participating brokers and execution venues. Trades are executed, processed, settled and accounted for, without manual intervention. Clients benefit from faster execution, lower costs associated with automated processing, and incur no additional costs for transaction processing.
"Having used the SunGard Transaction Network now for only a short time, I’m already seeing the benefits of this alliance," said Jerry Brown, head trader at Becker Capital. "It’s fast, it’s easy, and it lets me focus more of my time on decision making."
The list of participating brokers on the SunGard Transaction Network is expanding rapidly, and currently includes AXIS, BNYESI Co., Pershing, CSC, Broadcort, Merrill Lynch, DLJ, Wertheim Schroder, PaineWebber, Spear Leeds & Kellog, and Herzog Heine Geduld. Other available execution venues include the BRUT ECN and the VWAP trading system. The STP Alliance potentially gives participating brokers and other interested parties in the trading process, a single point of access to Advent’s clients representing over $5 trillion in assets under management, and to SunGard’s clients representing over $7 trillion in assets under management.
Cris Conde, chief operating officer of SunGard, stated, "Since August 1999, the number of clients using the SunGard Direct service has increased tenfold. Our alliance with Advent is a great way for us to jointly provide an expanded base of the investment management community with straight-through processing solutions well in advance of T+1 trade settlement."
"Enabling front-to-back STP comprises a critical component to prepare for T+1 settlement, and our vision of Enterprise Investment Management takes STP beyond the back-office and into all areas of the investment firm," said Peter Caswell, president and chief executive officer of Advent. "We are very excited to be teaming up with SunGard to provide our clients with another important component of automation—allowing them to continue to focus on their business, not on technology."
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.
SunGard (NYSE:SDS) is a global leader in integrated IT solutions and eProcessing for financial services. SunGard is also the pioneer and a leading provider of high-availability infrastructure for business continuity. With annual revenues in excess of $1 billion, SunGard serves more than 10,000 clients in over 50 countries, including 47 of the world's 50 largest financial services institutions. Visit SunGard at www.sungard.com.
Trademark Info: SunGard¸, SunGard Direct™ are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. Advent Software, Inc., and Moxy¸ are registered trademarks of Advent Software. All other trade names are trademarks or registered trademarks of their respective holders.
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107