Advent Software (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced its strategic relationship with eVestment Alliance, a global provider of institutional investment data intelligence, analytic solutions and industry marketing databases.
Advent and eVestment Alliance will offer integration between Advent's portfolio accounting and management solutions, Advent Portfolio Exchange (APX) and Axys, and eVestment Alliance's Exchange product. As a result, investment managers will be able to reduce time and effort associated with populating consultant and third-party databases with quarter-end data.
"Advent saw an opportunity to join forces with eVestment Alliance to help our clients streamline the process of updating third-party databases," said George McLaughlin, Senior Director at Advent Software. "In doing so, we're helping our clients to be more efficient and to market themselves to institutional investment consultants and ultimately institutional investors."
Many investment management firms using Advent's software also use investment consultant and third-party databases, like eVestment's Global Database, as a reporting and business development tool. In order to keep the databases updated with relevant product information, investment managers migrate large quantities of quarter-end data from Advent portfolio accounting systems to eVestment Alliance's Exchange product. As a result of the alliance, it is far easier for asset managers to provide information to the Exchange system. This will significantly decrease the time and effort required to aggregate the data from various sources and ensure better data integrity by mitigating the risk for errors from manual input.
"We are continuously seeking to improve the client experience," said Matt Crisp, Principal and Founder of eVestment. "This relationship has been formed in direct response to client requests to simplify the data updating process and with Advent's superior software, we're certain it will present tremendous advantages for clients of both organizations."
The Advent and eVestment data integration solution is expected to be available in early 2012.