Advent Software (ADVS), a leading provider of software and services for the global investment management industry, announced today that it has expanded Advent Custodial Data's (ACD) custodian network with the recent addition of Penson Financial Services Canada ("Penson").
Penson is a subsidiary of Penson Worldwide, Inc. (PNSN), a leading provider of execution, clearing, settlement and custody services for the global securities markets. Adding Penson to its network of more than 470 custodial sources gives Advent clients access to data from 10 of the leading Canadian banks, brokers and clearing firms.
Used by more than 2,500 firms to reconcile and report on over 2.5 million investment accounts, ACD is the industry's most comprehensive, reliable, and functionally robust custodial data aggregation service. ACD delivers comprehensive data sourced directly from custody systems of record and is delivered through secure data feeds developed in partnership with each custodian. Instead of managing multiple connections, file formats, and processing workflows, clients securely retrieve their standardized files from all of their custodians through a single Internet connection.
"Client focus has always been the very core of the Penson business model, and seeking out the best and most current technology goes hand in hand with that philosophy," said John Skain, President, Penson Financial Services Canada. "By joining the Advent network, we are more closely connected to our clients and better able to help them run their businesses efficiently and effectively. We look forward to continuing to deliver high quality custodial services that meet the growing and diversified needs of financial services customers in Canada."
"We are very pleased to welcome Penson Financial Services Canada to our growing network of over 470 custodians," said Jeff Gowan, Advent® Custodial Data Product Manager. "We feel that enabling our mutual clients to get data through our robust and secure network speaks to the commitment Penson Financial Services has to supplying their clients with industry leading tools to manage their business better."
The expansion of custody services for clients in Canada demonstrates Advent's continued focus on further developing its offering in Canada. With more than 50 clients in Canada, including asset managers, hedge funds, prime brokers and family offices, Advent's mission-critical solutions have been helping Canadian firms improve operational efficiency, reduce risk, manage costs and enhance client service since 1988.