New York, San Francisco, April 18, 2006 - Advent Software, Inc. (NASDAQ:ADVS) announces that Convexity Capital Management LP, a new Boston-based institutional investment management firm, has selected Geneva®, the industry’s premier global investment management software system. Geneva® delivers Convexity Capital broad financial instrument coverage; scalable, real-time technical architecture; and ease of implementation.
Convexity Capital was founded by former Harvard Management CEO, Jack Meyer, and closed its first fund in February 2006.
“When we surveyed the competitors in the market it was clear to us that Geneva® was the most capable system for handling our broad range of institutional assets,” said Stephen T. McSweeney, Partner and Chief Operating Officer at Convexity Capital. “We also had an aggressive timeline to get up and running and we were impressed with the people at Advent. We believed they would do everything possible to deliver on time, and we have been very pleased with the quality and focus they brought to our implementation.”
Convexity Capital‘s implementation demonstrates a growing trend in which institutional asset managers use a broader range of investment products, such as derivatives in investing for their clients. Geneva®’s strength in supporting sophisticated investment strategies and their specialized accounting requirements make Geneva® uniquely suitable for asset management firms. The addition of Convexity Capital, which expands the number of clients using Geneva® to sixty-five, demonstrates the broader adoption of Geneva® by the industry.
“We are thrilled to have Convexity Capital as a new client and that we were able to successfully meet their tight timetable for going live,” said Peter Hess, Senior Vice President and General Manager of Advent’s Global Accounts business. “Our ability to satisfy Convexity Capital’s demanding requirements stems from a client-focused service methodology that is an integral part of the Geneva® product offering.
McSweeney added, “Although we have a very competent Fund Administrator, we wanted a comprehensive internal system that could give us ‘belt and suspenders’ control. Geneva® enables us to quickly and easily generate daily strategy-level P&L reports and monthly NAVs, which we then reconcile back to our Administrator. Geneva® gives us the high level of control and operational efficiency that we require.”