SAN FRANCISCO – July 26, 2006 – Advent Software, Inc. (NASDAQ:ADVS), the leading provider of software and services to the investment management industry, today announced that Symmetry Capital Advisors LLC, a Dallas-based registered investment advisory (RIA) firm, is one of the latest firms to successfully implement Advent® Back Office Service for enhanced portfolio management, reporting, and daily reconciliation.
More than 4,400 financial service firms, including 15 of the top 20 fastest growing RIAs* rely on Advent solutions every day for reduced operating risk, improved client service, and increased productivity. With Advent® Back Office Service, the leading outsourced solution serving the investment advisor market, Advent delivers a scalable and reliable outsourced solution that performs data management and daily reconciliation services, providing Advent Axys® functionality to the firm via the efficiency of an Internet browser. As a result, firms that utilize Advent® Back Office Service can devote more of their time and resources towards building their business and managing client relationships—and less time managing technology, data, and an IT staff.
“By utilizing Advent® Back Office Service for our daily downloads and reconciliation, we are not only more prepared to do our quarterly reporting at the end of each quarter, but we are also achieving considerable cost and time savings,” said David Stalnaker, President and Chief Investment Officer of Symmetry Capital. “My estimate is that ABOS easily saves us $40,000 a year through reduced overhead and streamlined in-house staffing. By using Advent® Back Office Service instead of doing the reporting ourselves, we probably gain an extra week of productivity each month.”
“Advent® Back Office Service offers reporting capabilities that are as sophisticated as those employed at a billion dollar shop,” said Stalnaker. “We are able to pull reports on the fly when a client calls with a question – which is both a great savings and strengthens our relationships with customers by improving our responsiveness.”
Scalability is another key benefit of Advent® Back Office Service, especially for firms with limited staff. When Symmetry was founded in 2002, the firm had $25 million in assets under management. Today, Symmetry has grown to approximately $125 million in assets under management, but no staff has been added to handle the significant increase in portfolio accounting and reconciliation work thanks to the scalability of the Advent® Back Office Service.
“Advent® Back Office Service allows firms to be more responsive to clients by providing them with reliable data accuracy and the power of Axys® reports, including reports on cost basis information, realized gains and losses ,and firm-specific report packages,” said Michael Lobosco, ABOS Product Manager. “We are continually improving and expanding the service to ensure we are keeping pace with our clients needs.”
“Advent® Back Office Service is a scalable, reliable portfolio management and reporting platform designed to evolve with a client’s business as assets grow,” said Will Clemens, Vice President, Straight Through Processing, at Advent Software. “With this solution, Advent continues to deliver on our commitment to help clients of all sizes achieve operational excellence.”
*Source: “RIA Firms Ranked By 2005 Asset Growth; Asset Category: $1Billion and Over” Financial Advisor Magazine, July 2006.
ABOUT SYMMETRY CAPITAL
Symmetry Capital was founded in 2002 as a registered investment advisory firm. Symmetry currently manages approximately $125 million in assets for 40 high net worth family clients across the U.S.
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 and Axys are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
Katherine Calvert, Advent Software, Inc.
Sarah Rector, Ogilvy Public Relations