SAN FRANCISCO--Advent Software will announce a new application package, Advent Office for Investment Partnerships, for hedge fund managers at its user conference this month in Washington DC. The new offering is expected to be on the market in the fourth quarter.
"We decided to bundle all our components geared to hedge funds, as well as other markets, into a cohesive package," says Adam Stauffer, product marketing manager for Advent Software. "This makes the customer decision easier [as well as] the sales process overall."
The products will center around Advent Partner, the partnership accounting software for hedge funds and other investment partnerships, and Axys. Advent Partner performs allocations across portfolios and calculates performance incentive fees. Axys, Advent’s portfolio management and reporting software, tracks buys, sells and valuations at the fund level.
Through Advent Market Data, clients will access IDC for pricing and corporate actions. With Advent Custodial Data, clients will get transaction activity data downloads from their prime brokerage and custodians.
New additions to the offering include a hedge fund report package that contains intraday P&L reports and box position report. The latter shows a fund manager where the portfolio is exposed.
Also included--and available to existing clients--is an alliance with Riskmetrics for measuring value at risk and stress testing (scenario analysis).
Pricing will include license and maintenance fees, data subscriptions, based on the number of funds managed and assets under management.
Stauffer does not expect the new package to be delivered by Advent Outsource, Advent’s ASP service for portfolio management and reporting, in the near future. Partner investors tend to be secretive about their strategies and entrepreneurial in nature, he says.
Advent has approximately 500 hedge fund clients.
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