Rand Merchant Bank deploys Advent's Geneva software

Rand Merchant Bank deploys Advent's Geneva software

South Africa's Rand Merchant Bank (RMB) is installing Advent Software's investment management and accounting platform, Geneva, to support its new prime brokerage operations.

RMB already offers securities lending, custodial services, equity and derivative research, trading and distribution, CFDs, fixed income research and trading and a futures clearing operation but the products are delivered from various systems within RMBs parent company, FirstRand Group.

The firm says it needed a platform that could consolidate data from these multiple systems, deliver fund accounting for a range of instrument types and provide a scalable platform that would support growth plans.

Ryan Proudfoot, head of prime broking, equities division, RMB, says: "RMB has been servicing the growing local hedge fund industry with these products, and we are excited about the opportunity to pull these products together into a single-service prime broking initiative built on the Geneva platform."

Advent says that phase one of Geneva was installed within two months.

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