Veritas implements Advent Portfolio Exchange
06 September 2013 | 1661 views | 0
Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that Veritas Asset Management LLP has implemented the latest version of Advent's award-winning Advent Portfolio Exchange®(APX), which is helping them continue to develop and grow their business.
An Advent client since 2006, Veritas has seen its assets grow from £1 billion ($1.5 billion) to £9.4 billion ($14.8 billion) in the time since it first implemented APX. According to James Spence, Investment Operations Manager for Veritas, "Working with Advent solutions has supported our almost exponential growth with a minimal increase in headcount. APX has given us the scalability and flexibility to manage the kind of growth we were hoping to achieve - and ultimately did."
With a mix of globally diversified client portfolios and a series of funds focused on Asia, Veritas was especially interested in the enhanced global capabilities in APX. "Throughout our relationship with Advent, we have seen the company become increasingly global in its outlook, and that is reflected in these enhancements," Spence said. "Now we have a true multicurrency system, allowing us to trade and settle around the globe, which is important to our business."
"We believe it always pays to be on the latest version of our core portfolio management system," Spence said. "We get the benefits of Advent's latest enhancements, and it makes it much easier from a support perspective."
Having been through a number of upgrades in the past, Spence added: "The upgrade process has become much easier over the years. Advent has a team dedicated to making sure upgrades are managed properly and run smoothly, and the people on that team are of a very high caliber. They came in well within budget and the conversion was done the same day."
According to Hakan Valberg, President EMEA, Advent Software, "One of our key initiatives at Advent is to enable our clients to take advantage of new functionality easily and efficiently, making our solutions easy to adopt. The experience with Veritas demonstrates that firms can upgrade to the most current version with little disruption and at a reasonable cost."