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Caledonian Global Fund Services rolls out Advent accounting platform

03 December 2007  |  2097 views  |  0 Source: Advent Software

Advent Software (NASDAQ: ADVS), the leading provider of software and solutions for the investment management industry, today announced that Caledonian Global Fund Services is reaping the benefits of using Geneva, Advent's leading portfolio management and fund accounting solution, to support their global operations.

Based on the Isle of Man, Caledonian provides administrative and accounting services to the alternative investment industry.

Caledonian has clients throughout Europe and North America investing in a myriad of currencies and instruments, often through multiple brokers; they needed an accounting system that could handle the complexities of global hedge funds on a 24/7 basis. Caledonian turned to Geneva, which allows for comprehensive instrument coverage and true multi-currency processing, and streamlines accurate reconciliation between fund managers and their brokers.

Global hedge funds operate in many currencies and their strategies also involve a wide variety of equity and fixed-income instruments, as well as hedging with derivatives. Geneva supports a broad range of securities with comprehensive reference data, specialized transaction types, industry-standard accounting calculations and workflow automation that streamlines the management of complex instruments.

"We chose Geneva because it is considered to be the best accounting system for the hedge fund market that we wanted to serve," says Gordon Wilson, Managing Director of Caledonian's Isle of Man office. "Used by some of the largest firms in the industry, Geneva is a very robust system in terms of the types of securities that our clients trade, and it allows us to handle complex accounts for them."

Continued Wilson, "Before Geneva, accounting for different currencies within the same portfolio was a complex chore requiring a patchwork of systems and manual data transfer, which slowed the process and increased the risk of error. Now, Geneva makes real-time multi-currency processing on a single platform a reality."

Caledonian highlights its use of Geneva on its website as a means of instilling confidence in clients and prospects. "Advent is a big selling tool for us as a business because there's a certain credibility that comes with using Advent software in this industry," concluded Wilson.

"Wee're pleased that Caledonian is growing their business using the many benefits provided by the award winning Geneva platform," said Hakan Valberg, General Manager, Advent Software EMEA. "We have a strong partnership with Caledonian and will continue to work with them to help meet the needs of their demanding and sophisticated clientele in this fast-moving environment."

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