Source: Advent Software
Vestmark, the leading innovator in the managed accounts platform solutions market, today announced that it is working with Advent Software (NasdaqGS: ADVS) to leverage Advent Custodial Data (ACD) to deliver an integrated data aggregation solution to Vestmark's clients.
Currently, some dual contract and most outside custody accounts require manual setup and administration, and are reconciled monthly with paper statements. These accounts are typically higher net worth accounts, and while they are attractive to manage, they have proven very costly to administer. "The integration between the Vestmark Managed Accounts Platform (VMAP) and ACD means that these accounts can be setup and reconciled automatically, efficiently, and accurately every day," said Heeren Pathak, CTO of Vestmark. "This allows our customers to add high net worth accounts to their business and take full advantage of Vestmark's advanced account administration, trading, and daily reconciliation capabilities while reducing compliance risk associated with managing these accounts."
ACD is an industry leading portfolio data aggregation solution that is used by over 2,600 investment firms. ACD consolidates account level information from hundreds of custodians for reconciliation and posting. With efficient reconciliation, clients can maintain accurate cash and securities balances, reduce settlement risk, produce client statements earlier and ensure compliant trading.
"Vestmark and Advent are both recognized leaders in the investment management solutions market and we are excited to see our two firms join forces to deliver a single, integrated solution to efficiently administer and reconcile accounts across a large network of custodians," said Will Clemens, Vice President of Advent's Straight-Through-Processing business unit. "This is a great opportunity for Advent to extend its leadership in a high-growth market."