Contact Information: Contact: Robert Klapprodt Vestmark 781-224-3640 www.vestmark.com
Vestmark Leverages Advent(R) Custodial Data to Expand STP Connectivity
Vestmark to Provide an Integrated STP Solution That Will Give Vestmark Customers Access to 450+ Custodians Through Advent Software's Data Aggregation Solution
| Source: Vestmark, Inc.
WAKEFIELD, MA and SAN FRANCISCO, CA--(Marketwire - November 27, 2007) - Vestmark, the leading
innovator in the managed accounts platform solutions market, today
announced that it is working with Advent Software, Inc. (NASDAQ : ADVS ) to
leverage Advent® Custodial Data (ACD) to deliver an integrated data
aggregation solution to Vestmark's clients.
Currently, some dual contract and most outside custody accounts require
manual setup and administration, and are reconciled monthly with paper
statements. These accounts are typically higher net worth accounts, and
while they are attractive to manage, they have proven very costly to
administer. "The integration between the Vestmark Managed Accounts Platform
(VMAP) and ACD means that these accounts can be setup and reconciled
automatically, efficiently, and accurately every day," said Heeren Pathak,
CTO of Vestmark. "This allows our customers to add high net worth accounts
to their business and take full advantage of Vestmark's advanced account
administration, trading, and daily reconciliation capabilities while
reducing compliance risk associated with managing these accounts."
ACD is an industry leading portfolio data aggregation solution that is used
by over 2,600 investment firms. ACD consolidates account level information
from hundreds of custodians for reconciliation and posting. With efficient
reconciliation, clients can maintain accurate cash and securities balances,
reduce settlement risk, produce client statements earlier and ensure
compliant trading.
"Vestmark and Advent are both recognized leaders in the investment
management solutions market and we are excited to see our two firms join
forces to deliver a single, integrated solution to efficiently administer
and reconcile accounts across a large network of custodians," said Will
Clemens, Vice President of Advent's Straight-Through-Processing business
unit. "This is a great opportunity for Advent to extend its leadership in a
high-growth market."
About Vestmark
Vestmark is a technology platform provider for investment managers, overlay
managers, sponsors, and operations outsourcing service providers in the
managed accounts industry. Vestmark solutions enable greater financial
product innovation, increased operational efficiency, and compliance for
its customers. The Vestmark Managed Accounts Platform (VMAP) is a modern,
web-based technology providing complete functionality and connectivity to
support the innovation in managed account products and the growth of the
managed accounts industry. Vestmark is headquartered in Wakefield,
Massachusetts with offices in Oakland, California; Cambridge,
Massachusetts; and Jersey City, New Jersey. For more information about
Vestmark's managed accounts platform solutions, please call 781-224-3640,
email info@vestmark.com, or visit www.vestmark.com.
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.
Forward-looking Statements
Any forward-looking statements included in this press release involve risks
and uncertainties that could cause actual results to differ materially from
our expectations. These risks and uncertainties include continued sales of
existing products, market acceptance of new products, the impact of
initiatives by competitors and other risks detailed in Advent's most recent
filings with the Securities and Exchange Commission, including, but not
limited to, its quarterly reports on Form 10-Q and its 2006 annual report
on Form 10-K/A, copies of which may be obtained by contacting Advent
Software at (415) 645-1787 or by visiting Advent's Investor Relations Web
site at www.advent.com.