Advent Software reports Bear Stearns deal

Advent Software reports Bear Stearns deal

US investment bank Bear Stearns is rolling out Advent Software's portfolio management and fund accounting platform Geneva across its prime brokerage operations.

Advent says the Geneva platform was selected to support complex investment strategies.

"We were looking to enhance our portfolio reporting and accounting capabilities to support the complex investment strategies of our global hedge fund clients on a 24/7 basis," adds Louis Lebedin, global head, Bear Stearns Prime Brokerage Services. "Our decision to choose Advent's Geneva was based on its ability to provide Bear Stearns with a single scalable platform that would support all asset classes regardless of the mix of derivative, equity, future, fixed income, FX or cash instruments."

Advent says its Geneva system provides "a high level of operational efficiency and easy access to real time data". The system offers comprehensive instrument coverage, full financial general ledger and integration tools that enable firms to manage complex investment vehicles, multiple investment strategies and tiered fund structures.

News of the Bear Stearns deal comes as the San Francisco-based vendor reports fourth quarter revenue of $59.6 million, up 19% from $50.2 million in the year ago quarter and above analysts' expectations of $58.1 million.

Fourth quarter net income was $4.0 million, compared with net income of $76.6 million in Q6 2006 when the vendor had a benefit of $78.0 million from the release of a deferred tax allowance.

Total revenue for the year ending 31 December 2007 was $215.5 million, a 17% increase over the $184.1 million recorded in 2006.

The vendor expects first quarter revenue to be in the range of $59 million to $61 million. For the full year 2008 Advent has forecast revenue of $248 million to $254 million - higher than the $245.1 million reportedly expected by analysts.

Comments: (0)

THE STATE OF DIGITAL BANKING, 2019 - Landscape: The Digital Banking Strategy Playbook

Trending Stories