SAN FRANCISCO (HedgeWorld.com) – After making an initial push at promoting the use of its “Advent for Hedge Funds” software package to hedge funds, Advent Software Inc. now hopes to gain hedge fundadministrators as clients.
Through a strategic alliance with Koger Inc., Paramus, N.J., Advent is offering “Advent for Fund Administrators.” The new software package is designed for administrators of mutual funds, hedge funds and hedge funds of funds.
The main piece of the package is the Geneva portfolio accounting software that has been upgraded with new fund structure functionality that allows firms to come up with net asset values at the class, sub-class or series level. The new Geneva software is equipped to simplify the accounting and processes affiliated with complex master-feeder and fund of funds offerings.
The three modules that makeup the new Advent software package are: investment accounting and unit pricing; partnership accounting; and transfer agency and equalization. The alliance with Koger integrates the investment accounting and unit pricing tools of Geneva with Koger’s transfer agency system, NTAS. According to Advent, clients will be able to calculate NAV’s faster and more accurately than ever before.
Another feature of the new system is a single unified data module that offers reporting flexibility, while at the same time eliminating data discrepancies between sub-ledgers and general ledgers. It also offers dynamic error correction and data management technology. Users get data integration with enhanced accounting technology and deep security coverage that meets the requirements of asset managers and administrators, according to Advent.
Bank of Bermuda, which signed on to use Geneva in early 2002,went live with Geneva 5.1.1 in its global fund services division that works with hedge funds, emerging market funds, funds of funds and private equity funds. The bank worked closely with Advent in developing the new release of Geneva and made the switch over to Geneva from its own IMS proprietary system.
“We anticipate significant operational benefits from the new fund structure functionality, which ultimately enables us to produce more timely NAV calculations for our clients,” Robert Schultz, chief executive of Bank of Bermuda (New York) Ltd., said in a statement.
