The agreement will allow Pershing's independent registered investment advisor customers (RIAs) and RIAs affiliated with the firm's introducing broker-dealer customers to access Advent Back Office Service technology for portfolio accounting and performance reporting.

In delivering the Advent Back Office Service, RIAs will have access to a solution that enables them to leverage Advent's Axys portfolio accounting and reporting software, while outsourcing the data management and information delivery functions to Pershing. This will enable RIAs to receive daily reconciliation services and full Axys functionality via the Internet.

"We are committed to providing the highest quality services and solutions to those independent RIAs supported by Pershing Investment Manager Services and to RIAs affiliated with our introducing broker-dealer customers," said John Iachello, managing director, Pershing Investment Manager Services. "Pershing's agreement with Advent furthers that goal by providing access to the industry's leading portfolio accounting and performance reporting technology. In today's competitive environment, our customers require access to an outsourced data management and performance reporting tool that will help reduce the burdens of managing technology and data, and enable them to focus on building their businesses and client relationships. This agreement represents an important step in meeting those needs."

"Pershing is an extremely well respected provider of clearing and outsourcing solutions to financial intermediaries. Pershing has earned its reputation as a leading firm because of its commitment to helping its customers grow their businesses. The combination of our respective expertise will lead to greater efficiencies and client focus for independent RIAs, as well as RIAs affiliated with Pershing's introducing broker-dealer customers," said Will Clemens, vice president of Advent's straight-through processing and data management business.