New York money manager Terra Partners is to implement a portfolio management and accounting system from Advent Software at its back office in Prague.
Terra's Howard Golden says the firm evaluated eight different software solutions from the UK and US, before signing with Advent.
"The final decision maker was the competitive price Advent proposed in comparison to the competition," he says.
Terra Partners is the investment manager of Central European Privatisation Fund, Worldwide Opportunity Fund (Cayman) Ltd. and managed accounts. Both hedge funds and the managed accounts invest in emerging markets. It is expected that Terra will manage $30 – $50 million before the end of 2004.
With Terra on board, Advent Europe now boasts a client base with more than 100 referenceable clients.
"As far as we have been able to establish, no other player in the European investment management solutions industry is anywhere near this." says Advent Europe's CEO, Torbjorn Tenmann.