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|$21 Billion Munder Capital Turns to Advent Portfolio Exchange(R) for Its Fixed-Income Capabilities|
Asset Management Firm Selects Advent's Award-Winning Portfolio Management Solution for Streamlined, Accurate and Timely Accounting and Reporting
SAN FRANCISCO, CA, Apr 29, 2009 (MARKET WIRE via COMTEX) -- Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that asset management firm, Munder Capital Management, has implemented Advent Portfolio Exchange(R) (APX). APX is Advent's industry-leading portfolio and client management platform. Headquartered in Birmingham, Michigan, Munder has $21 billion in assets under management as of December 31, 2008.
Munder was previously using two separate portfolio accounting systems, one for fixed-income reporting and one for portfolio accounting. The firm decided to look for a new integrated portfolio management solution with strong accounting capabilities for its fixed-income portfolios, which included mortgage-backed securities, in addition to traditional corporate and government instruments. Munder turned to Advent, and once all of its portfolio management and reporting had migrated onto APX, Munder saw major efficiency gains almost immediately.
"Because we're now on one system, we don't have to worry about interfacing or manually keeping up more than one accounting system, which is a tremendous improvement for us," said Judy Weipert, Manager of Investment Operations. "Our previous system could take up to 30 seconds just to post one trade of one security in one account. When we imported trade files from our trading system, it took hours with 1,000 trades. In APX, we've had files of 50,000 transactions that post in 30 or 40 minutes max. The difference is night and day."
In addition to APX, Munder uses Advent Revenue Center(R) for billing and revenue management; Advent(R) Custodial Data (ACD) for managing and reconciling portfolio information; Advent Corporate Actions(R) (ACA) for customized, position-level corporate action reports; and Rex(R) for reconciliation management.
Added Weipert, "APX has changed the whole reporting process for Munder. Our fixed-income managers were able to reduce staff, and still get reports out more quickly than when they had more staff. They've also been able to take on more accounts with special reporting requirements, because APX is so much more efficient, accurate and timely."
"Advent works in collaboration with its customers to provide solutions that help support and meet their business objectives," said Michele Holton, Director of Product Marketing at Advent. "APX met Munder's requirements for more streamlined, accurate, and timely accounting and reporting across a full breadth of fixed-income instruments, and their input made the product even stronger. Our business is based on delivering solutions that address genuine client needs; that is why Advent not only welcomes but actively seeks client involvement when developing or enhancing products."
About Advent Portfolio Exchange(R)
Advent Portfolio Exchange(R) (APX) is an end-to-end portfolio management solution that integrates the front-office functions of prospecting, marketing, and customer relationship management with the back-office operations of portfolio accounting and reporting. This enterprise solution leverages a single SQL database to deliver critical client information via an easy-to-use browser-based user interface. APX delivers improved client service with enhanced security for today's amplified compliance environment. For more information on APX visit https://secure.advent.com/info/pr_apx.
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 and services organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr.
The Advent logo, Advent Software, Advent Portfolio Exchange, Advent Corporate Actions, Advent Custodial Data, Advent Revenue Center and Rex are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
SOURCE: Advent Software, Inc.