Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that FirstRand Group has selected Advent Portfolio ExchangeÂ® (APX), its award-winning, integrated portfolio and client relationship management solution, and MoxyÂ®, Adventâs industry-leading trade order management solution. The Advent platform will be implemented for a division of the FirstRand Group, namely the FNB Wealth Segment, which includes RMB Private Bank.
The FirstRand Group was created in 1998 through the merger of the financial service interests of Anglo American Corporation of South Africa Limited and RMB Holdings Limited. FirstRand is one of the largest financial institutions in South Africa, with a comprehensive range of products and services including Private Banking and Asset Management.
With expansion on the horizon, RMB Private Bank concluded that its incumbent system was not sufficient to meet the firmâs current and planned business needs. Adventâs proven and scalable front to back office wealth management solution met FirstRand Groupâs requirements and provides a strategic platform which will enable RMB Private Bank to more cost-effectively grow its business.
FNB Wealth Segment, which provides trust and wealth management services, chose APX to replace an in-house developed mainframe solution previously used to manage its core business. As the division evaluated future goals, it became clear that the existing system had reached the end of its lifecycle and did not have the functionality to meet future requirements. FNB Wealth Management has found that APX offers increased efficiency and accuracy in asset registration and client reporting resulting from the seamless integration of portfolio and client management data.
âAdventâs wealth management solutions help us differentiate our product offering and service capabilities from our competitors,â said Jarret West-Evans, Chief Information Officer, FNB Wealth Segment. âWith Advent, we now have a technology platform that will allow us to grow our business and deliver a superior client experience.â
âWe chose Adventâs product suite because it meets our functional requirements and will scale as we grow. Because Adventâs global perspective and diverse user base feed into the ongoing development of the software, we have confidence that Advent will to continue to meet our needs going forward,â added Christian Naude, Project Manager, RMB Private Bank.
âThe ability to respond to clients quickly and with accuracy and transparency is critical in todayâs fiercely competitive environment,â said HÃ¥kan Valberg, Senior Vice President and General Manager, Advent Software EMEA. âThe selection of Advent by FirstRand Group, one of the largest financial institutions in South Africa, demonstrates our ability to provide industry-leading solutions to help global investment firms manage complexities and succeed in a global market.â