Geneva® Delivers Robust Operations and Accounting Platform to Caledonian Global Fund Services |
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Advent Software
301 Brannan St., 6th Fl.
San Francisco, CA, 94107
USA
Press release date: November 29, 2007
Advent's Leading Accounting Solution Provides Fund Administrator with Comprehensive Instrument Coverage and True Multi-Currency Processing
LONDON and SAN FRANCISCO - November 29, 2007 - Advent Software, Inc. (NASDAQ: ADVS), the leading provider of software and solutions for the investment management industry, today announced that Caledonian Global Fund Services is reaping the benefits of using Geneva®, Advent's leading portfolio management and fund accounting solution, to support their global operations. Based on the Isle of Man, Caledonian provides administrative and accounting services to the alternative investment industry.
Caledonian has clients throughout Europe and North America investing in a myriad of currencies and instruments, often through multiple brokers; they needed an accounting system that could handle the complexities of global hedge funds on a 24/7 basis. Caledonian turned to Geneva®, which allows for comprehensive instrument coverage and true multi-currency processing, and streamlines accurate reconciliation between fund managers and their brokers.
Global hedge funds operate in many currencies and their strategies also involve a wide variety of equity and fixed-income instruments, as well as hedging with derivatives. Geneva® supports a broad range of securities with comprehensive reference data, specialized transaction types, industry-standard accounting calculations and workflow automation that streamlines the management of complex instruments.
"We chose Geneva® because it is considered to be the best accounting system for the hedge fund market that we wanted to serve," says Gordon Wilson, Managing Director of Caledonian's Isle of Man office. "Used by some of the largest firms in the industry, Geneva® is a very robust system in terms of the types of securities that our clients trade, and it allows us to handle complex accounts for them."
Continued Wilson, "Before Geneva®, accounting for different currencies within the same portfolio was a complex chore requiring a patchwork of systems and manual data transfer, which slowed the process and increased the risk of error. Now, Geneva® makes real-time multi-currency processing on a single platform a reality." Caledonian highlights its use of Geneva® on its website as a means of instilling confidence in clients and prospects. "Advent® is a big selling tool for us as a business because there's a certain credibility that comes with using Advent® software in this industry," concluded Wilson.
"We're pleased that Caledonian is growing their business using the many benefits provided by the award winning Geneva® platform," said Hakan Valberg, General Manager, Advent Software EMEA. "We have a strong partnership with Caledonian and will continue to work with them to help meet the needs of their demanding and sophisticated clientele in this fast-moving environment."
About Caledonian Caledonian Global Fund Services is a leading provider of specialized administration services to the alternative investment industry. The firm administers over $13 billion in offshore and US domestic hedge funds and fund of funds from regional offices in Chicago, New York, Cayman and the Isle of Man. Caledonian Global Fund Services is part of the Caledonian Group which was founded in 1970.
About Geneva® Geneva®, a global investment management, reporting, and accounting platform, is a proven solution for asset managers, hedge funds, fund administrators, and prime brokers that require fast, easy access to real time data and a high level of operational efficiency. Geneva® offers comprehensive global instrument coverage, a full financial general ledger, and industry-standard integration tools that enable firms to manage multiple locations, complex investment vehicles, multiple investment strategies, and tiered fund structures.
About Advent Advent Software, Inc. (www.advent.com), a multi-national firm, has provided trusted solutions to the world's leading financial professionals since 1983. Firms in 60 countries use Advent technology and manage investments totaling nearly US $14 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. 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 about Advent in EMEA visit www.adventemea.com.
Contact: Jessica Miller Advent Software (415) 645-1668 jmiller@advent.com
Paul Watthey Advent Software EMEA +40 (0)20 7631 9240 paul.watthey@advent.com
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