Source: Advent Software
Advent Software (NasdaqGS:ADVS), the leading provider of software and solutions for the global investment management industry, today announced that Patten and Patten (Patten) has implemented Advent Portfolio Exchange (APX), Advent's award-winning comprehensive, integrated portfolio management solution.
Patten is an independent investment advisory firm in Chattanooga, Tennessee managing more than $1 billion across 1,800 portfolios with more than 600 individual and institutional client relationships.
Patten sought a solution that had customer relationship management (CRM) capabilities, and, once introduced to APX, Patten decided to integrate all of its portfolio management, accounting and reporting into APX. With APX, the firm's CRM system, portfolio management and reporting functions all operate on the same SQL database platform and share the same data, which gives the firm improved visibility and accuracy across its portfolios and enhances its client service. Patten also uses Moxy, Advent's industry-leading trade order management system.
"More than a simple contact tracking tool, APX's CRM capabilities enable us to keep track of a client's investment policy restrictions and preferences as well as account type and status," said Clay Crumbliss, Vice President of Operations and Finance and Chief Compliance Officer, Patten and Patten. "We can move seamlessly from contact information to portfolios to see holdings, performance and other pertinent account data; and I know we have just begun to learn all of APX's capabilities that we can use."
Commenting on the efficiency gains, Crumbliss added, "APX will improve efficiency in virtually every aspect of the investment process. It will be extremely beneficial from a compliance point of view, from a portfolio manager's point of view, from a service point of view and from a cost point of view. APX is designed for scalability to add new accounts and take on more assets as a firm grows - without adding staff."
"We are very pleased that Patten, and many investment advisors like them, are rapidly taking advantage of the many benefits of APX," said Michele Holton, Director of Product Marketing at Advent. "We look forward to working with Patten and continuing to deliver the superior service that Advent is known for throughout the financial services industry."