Advent Software, Inc. (Nasdaq: ADVS - News), the leading provider of software and services to the investment management industry, today announced that over 100 clients have purchased GenevaÂ®, Advent's premier global investment management and accounting platform.
The company added 10 new GenevaÂ® clients during the fourth quarter of 2006 and, for the full year, doubled the number of new GenevaÂ® customers, from 17 in 2005 to 34 in 2006.
"We are very excited about the momentum we see with GenevaÂ®, Advent's most sophisticated platform for portfolio accounting," said Stephanie DiMarco, Advent's Chief Executive Officer. "As global accounting requirements continue to grow in complexity, more and more firms need a single platform with which they can consolidate systems, simplify operations, manage complex instruments, and support rapid growth - and the platform of choice is clearly GenevaÂ®."
Clients that purchased GenevaÂ® during the fourth quarter include:
-- Ivory Investment Management, LP, a $3 billion fundamental value-based registered investment advisor, located in Los Angeles;
-- Octavian Advisors, a $400+ million, New York-based global special situation hedge fund;
-- Passport Capital, a San Francisco-based investment manager focused on global investment opportunities with $850+ million in assets under management;
-- Redbrick Capital Management, L.P., a Massachusetts-based hedge fund specializing in global multi-strategy arbitrage managed by Tony Morgan and Jeff Baum, formerly of Harvard Management Company; and,
-- A large, NY-based asset management firm with over $200 billion under management.
"As one of the initial users of the GenevaÂ® platform, we feel GenevaÂ® is a reliable source of portfolio reporting for our prime brokerage clients. Citigroup continues to enhance and improve the use of the application as the breadth of product increases, allowing us to create even more dynamic and robust reporting for our clients," said Mark Aldoroty from Citigroup's Prime Brokerage division.
GenevaÂ®'s clients include many of the largest and most prestigious financial institutions in the world, and worldwide, they manage, custody, or administer over $1.5 trillion in assets.