SOURCE: Advent Software, Inc.
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March 20, 2008 09:15 ET
The Broyhill Family Office Leverages Advent Portfolio Exchange® (APX) Through Advent® Back Office Service (ABOS)
Fifteen Clients Live on Advent's Leading BPO Platform for Independent Advisors
SAN FRANCISCO, CA--(Marketwire - March 20, 2008) - Advent Software, Inc. (NASDAQ: ADVS), the
award-winning provider of software and solutions for the global investment
management industry, today announced that The Broyhill Family Office
(Broyhill), an independent investment management firm with approximately
$300 million in assets under management, is live on Advent Portfolio
Exchange® (APX) through Advent® Back Office Service (ABOS). Broyhill
marks the fifteenth client already using APX through ABOS. APX is Advent's
next-generation, comprehensive portfolio management solution, and ABOS
delivers APX in a true business process outsourcing (BPO) solution,
including technology, industry-leading data management process and
unparalleled flexibility, giving firms access to the award-winning software
without making the infrastructure investment.
Broyhill was looking for a solution to help them free up resources
internally so that they could dedicate their time to higher value
activities. Prior to using APX through ABOS, Broyhill spent a tremendous
amount of time and effort downloading positions from their custodian,
uploading the data into portfolio management systems, and then reconciling
positions back to client statements. It was a labor-intensive process that
provided little value-add to their clients.
APX through ABOS enables Broyhill to have access to APX functionality
without making a significant investment in technology infrastructure.
Instead of installing, running, and managing the data in their offices,
Advent's ABOS operations team manages the data, provides daily
reconciliation, and delivers APX functionality to Broyhill over the
Internet.
ABOS offers:
-- High-quality data management, reconciliation and exception management
to support investment decisions, performance measurement and presentation
-- Web-browser access to APX, which greatly reduces the need for costly
hardware and IT personnel
-- A scalable, reliable portfolio management platform designed to evolve
with the business
"We needed a solution that would give us the advantage of the latest
technology, but did not require operational and technical maintenance; APX
through ABOS has allowed us to focus our attention on our core competencies
-- investing the capital of our clients and partners -- by outsourcing
day-to-day back office responsibilities and account administration," said
Christopher Pavese, Managing Director, The Broyhill Family Office. "We are
extremely pleased with the quality of data coming through, and Advent is
able to provide us with 'clean' numbers more quickly than we were able to
deliver internally. This service works so smoothly, I can't see any reason
why you would not outsource your back office."
Of its 250 plus ABOS clients, Advent has fifteen customers already
leveraging APX through ABOS to profitably and efficiently manage their
businesses while delivering exceptional service to their clients.
"We are very pleased to add Broyhill to our growing list of clients
enjoying the benefits of Advent's industry-leading solutions without having
to manage IT infrastructure and data management processes," said Michael
Lobosco, Senior Product Manager at Advent. "We believe APX through ABOS is
a game-changing solution for advisors who are looking to outsource their
back office business processes, but who are unwilling to sacrifice data
quality, system functionality or reporting flexibility. Additionally, as
part of the Advent suite of products, choosing ABOS provides advisors with
unparalleled flexibility as their businesses evolve."
About The Broyhill Family Office
The Broyhill Family Office was established after the sale of Broyhill
Industries with the formation of BMC Fund, Inc., an SEC Registered
Investment Company and the primary wealth management vehicle for the
Broyhill Family, in 1981. Over the ensuing years, Broyhill was asked to
assist a number of non-family clients leading to its registration as a
Registered Investment Advisor.
The Broyhill Hallmark for the past quarter century has been a relentless
focus on capital preservation, which remains Broyhill's first and foremost
priority today. A world increasingly dominated by short-term thinking and
a relative-performance orientation, provides Broyhill and their partners
with the unique opportunity to profit from disciplined and highly original
investment ideas with a global perspective.
About Advent
Advent Software, Inc. (www.advent.com), a global 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 $18 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.
Advent and Advent Portfolio Exchange are registered trademarks of Advent
Software, Inc. All other company names or marks mentioned herein are those
of their respective owners.