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Advent software recruits 20 in response to EMEA growth

Date: Wednesday, August 1, 2007
Author: Hedgeweek.com

Advent Software, a provider of software and solutions for the global investment management industry, has recruited 20 new employees to service and support its growing EMEA (Europe, the Middle East, Africa) business. 
The new recruits will join offices in the UK, Sweden, Switzerland and Norway. The appointments follow Advent's recent spate of new business wins in the private wealth management and the hedge fund sectors.
Advent has won several major contracts in Europe, the Middle East and Africa for new clients over the last 12 months, including Wealth Management Partners NV, Wealth Management Group, Rawlinson & Hunter, Raymond James, Range Capital, Quintillion, GSA Capital Partners, EFG-Hermes, Charlemagne Capital and Rand Merchant Bank. These firms are relying on Advent's industry-leading suite for the mission-critical automation of key business processes: Advent Portfolio Exchange® (APX) for portfolio and client relationship management, Moxy for trade order management and Geneva® for complex portfolio accounting and reporting.
The increase in business is a result of hedge funds and wealth management firms investing in sophisticated and scalable investment management technology - signaling optimism in their ability to grow AUM and move into more technical asset classes.
For example, the intensive reporting requirements of institutional investors are driving hedge fund managers to seek solutions that offer an operations infrastructure with greater reporting capabilities that will not compromise the time required to manage assets effectively. At the same time, clients are requesting accounting support for complex and varied strategies including convertible arbitrage, multi-strategy, distressed securities, global macro, fund of hedge funds, market neutral and managed futures funds as well as a comprehensive range of fund structures, currency classes and performance fee mechanisms.
'With institutional investors on board, firms can grow from their AUM more quickly than ever,' explains Hakan Valberg, General Manager, Advent Software EMEA. 'By planning for scalability in the early stages, firms can reduce their costs and operational risk, while improving the workflow between the front and back offices. It's clear that scalability is firmly on the agenda as a business-planning requirement for funds, and Advent, with our proven suite of flexible, scalable solutions, is increasingly the technology partner of choice to the EMEA asset management industry.

'Advent has launched several exciting new products over the last 12 months, and the company has several more launches planned for the coming year. We fully expect the recent growth in our EMEA business to continue and are looking to continue expanding our presence in the region over the course of the year.'