Advent Software (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced the release of Axys 3.8, an important update to Advent's turnkey portfolio accounting and reporting solution.
The latest release of Axys marks Advent's continued commitment to keeping the platform current as technology and regulatory changes impact its client base.
The accounting, performance, automated reconciliation, and reporting tools in Axys enable firms to easily manage an expansive number of accounts and a range of investment instruments. The solution is used by over 3,000 asset management clients around the globe - including hedge funds, family offices, wealth managers, registered investment advisors and financial planners.
Axys 3.8 includes updates to support the 2010 Options Symbology Initiative (OSI). OSI is an industry-wide overhaul of the longstanding five-character options symbol. On February 12, 2010, the options industry is shifting to a more descriptive character string that is up to 21 characters in length.
In addition to enhancements to support the 2010 OSI, other updates to Axys 3.8 include: reporting enhancements and compatibility with new platforms, including Adobe Acrobat 9 and Microsoft Internet Explorer 8.
Lynne Rosenfeld, Chief Administrative Officer, Soundview Capital Management Corporation, commented, "We have relied on Axys as the core technology platform of our investment operations for the past five years. As a firm that constantly trades options, we were worried about how we would handle the industry's option symbol change. We have been extremely pleased to see that the new OSI platform in the Axys 3.8 update has made the transition seamless to our workflow. The enhancements and timing of this release demonstrate Advent's commitment to keeping Axys current for its clients in these changing times."
"We are very pleased to provide our clients with Axys 3.8, our second new release to the product in just over a year," said Michele Holton, Director of Product Marketing at Advent. "The updates to support OSI, as well as the platform compatibility and reporting enhancements help us to continue to deliver ououtstanding value to our 3,000-plus Axys customers who rely on the solution to run their investment management business."
In addition to releasing Axys 3.8, Advent has also released a new version of Advent General Ledger Exchange (GLX), its general ledger interface tool. The latest version of GLX, version 2.5, includes support for OSI, as well as allowing for compression of journal entries, the ability to post unrealized gains on market, and numerous other product enhancements.