Source: Advent Software
Newgate Capital, a leading global investment advisor based in Greenwich, CT, has converted its back and front office operations to the Advent integrated suite of investment management software to streamline operations and position the company for growth over the next decades.
Newgate Capital, with more than $3 billion in assets under management, decided earlier this year to move all of its trade order management, account reconciliation, portfolio accounting, and back office functions to the Advent suite of products. It includes Advent Portfolio Exchange, the company's next-generation management platform that integrates front-office client service and CRM functionality with back-office portfolio accounting and reporting operations, Moxy for trade order management and Advent Custodial Data (ACD) for straight-through-processing of accounts.
"In the past we have used other systems including Indata and IDS, and ultimately we needed a platform that had tremendous capacity for us to grow in terms of number of clients and account sophistication," said Dr. Sonia Rosenbaum, Managing Director, Newgate Capital Management. "The Advent platform is performing well, customer support is excellent, and the integrated suite approach saves us time and hassles. If we add another couple billion in assets or another 10,000 accounts, we won't miss a beat functionally and we could do that on the Advent system very efficiently."
As part of its daily operations, Newgate reconciles over 2,500 accounts electronically. While these daily processes used to be time-consuming and often frustrating, accounts are now reconciled automatically through Advent Portfolio Exchange (APX) and updated from APX into the Moxy trade order management system nightly. In the morning, trade information from the previous day, including positions and transactions, are reflected in the ACD feed. For a company like Newgate that works with around 50 custodians, the broad custodial coverage of ACD has been a major improvement over previous systems. Daily performance calculations are also handled very efficiently by the system.
"Advent's powerful next-generation technologies combine client management and portfolio accounting and reporting into a single platform. Advent Portfolio Exchange has generated increasing demand from asset management companies who are re-evaluating their existing portfolio management systems and switching to a system with capabilities that will serve them for the next 10 years," said William Penney, Senior Director of Product Marketing at Advent. "We are delighted with the rapid market acceptance of APX as illustrated by the substantial number of firms that are either evaluating or have already purchased."
Advent Portfolio Exchange was introduced in the fall of 2005 and nearly 70 clients including Newgate Capital have adopted the system.
"The conversion process to Advent Portfolio Exchange, Moxy and ACD was smooth," said Joe Rivera, Director of Operations, Newgate Capital Management LLC. "The Advent service team was skilled and attentive, and we were helped every step of the way. The scope of accounts handled by APX and the breadth of custodians gave me an additional comfort level that we made the right choice."