Advent Software (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced the successful implementation of its asset management solution at Saudi Fransi Capital, to help it provide enhanced services to clients.
Saudi Fransi Capital is one of the largest brokers in the Saudi Stock Exchange (Tadawul) and a leading Saudi Arabia-based provider of brokerage and investment banking services, such as corporate finance, asset management and advisory investment management.
Saudi Fransi Capital chose to build a new foundation for operations with Advent to take advantage of comprehensive functionality, cost-efficiency, the availability of regional presence and support, and full front-to-back office solutions, offered by a single vendor. Advent's technology platform also met Saudi Fransi Capital's rigorous requirements to achieve improved risk management, performance measurement and reporting.
"We needed better automation capabilities and a decrease in manual intervention in our operations," said Yasir Al-Rumayyan, CEO of Saudi Fransi Capital. "Advent allowed us to improve core functionality while fulfilling business requirements. We value Advent as a long-term strategic partner for us, offering local team support and comprehensive asset class coverage, as well as the scalability to support our future growth. We've so far been comforted in our decision by the rapid implementation process, which was a result of a good solution, understanding of our business requirements and project management."
"Being selected by Saudi Fransi Capital, thus adding another Middle Eastern Tier One institution to our client roster, validates our ability to support infrastructure globally while delivering deep local expertise and knowledge through our regional team," said Håkan Valberg, senior vice president and general manager, Advent Software EMEA. "This is a significant win for us, confirming our success in the region in recent years and months, showing that Advent continues to offer operational efficiencies and value as a single solution vendor for investment management organizations in the Middle East."