Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that Vastardis Capital Servicesâ¢ is using GenevaÂ®, Adventâs award-winning portfolio management and fund accounting solution, to support its growing fund-of-funds business. Vastardis was one of the earliest adopters of GenevaÂ® 8.0, the latest version of the product which includes powerful portfolio management capabilities, out-of-the-box integration to counterparties and industry leading data providers, and easy to use and customizable access to real-time data.
Vastardis is a global fund administrator headquartered in New York with offices in Toronto and Singapore. The firm has approximately $20 billion in assets under administration. More than 75% of assets administered by Vastardis are from fund-of-funds managers. The firm turned to Advent to provide it with an investment platform that allowed for ease of integration with internal and third-party systems to support fund-of-funds workflow, while also providing enhanced security coverage to support direct strategy clientele.
John Stefankiewicz, Partner and Chief Operating Officer, commented, âFunds-of-funds are particularly challenging, and with our prior system, we couldnât integrate the way we wanted. The open architecture in GenevaÂ® has allowed us to integrate effectively our proprietary technology and workflow for our fund-of-funds clients. In addition, the enhanced bank debt and swaps functionality, new integration accelerators and superior data browsing found in the latest version of GenevaÂ® have put us in an even better position to grow our business.â
Todd Gottula, Senior Vice President and General Manager of Global Accounts at Advent, commented, âWe are very pleased that Vastardis has upgraded to GenevaÂ® 8.0 to support its fund-of-funds business. This is a prime example of Adventâs solutions for the alternative asset market having the flexibility to support firms of all sizes and strategies. It is gratifying to know that the new features in the latest release of GenevaÂ® provide Vastardis with improved growth potential for both existing and new business.â