Advent Software incorporates Gainskeeper FundTax modules with Geneva platform

Source: Advent Software

GainsKeeper and Advent Software, Inc (NASDAQ: ADVS) today announced a strategic relationship that combines two of the industry's "best-of-breed" products for asset managers.

The agreement enables Advent to integrate GainsKeeper's FundTax tax reporting solution with Advent's Geneva global fund accounting and portfolio management platform, providing the industry's first straight-through processing of tax reports. GainsKeeper is a part of Wolters Kluwer Corporate & Financial Services division.

"Asset managers and their administrators are responsible for accurately accounting for and reporting on specialized tax events such as wash sales, qualified dividends income and more," Peter Hess, senior vice president of the Global Accounts business unit for Advent said. "Identifying qualified tax events and implementing required tax accounting adjustments introduces unwanted cost and risk to the operations of the responsible party. Together, Advent and Gainskeeper provide tools to help firms mitigate this operational risk, reduce operating expense, and enabling users to provide what-if tax analysis and intra-year estimates to maximize investment performance and differentiate their services."

The modules of FundTax integrated with Geneva and immediately available to Geneva clients include:

  • Wash Sales - GainsKeeper's FundTax provides full tracking of wash sale deferrals and reversals, holding period carry-over and basis adjustment. Wash sale reports can be generated on demand and detail every wash sale, the related cost, and the related short- and long-term classification. FundTax's wash sale algorithms are fully integrated with corporate action functionality, eliminating the burdensome task of tracking wash sales across reorganization events, like mergers, acquisitions and spin-offs.
  • Qualified Dividend Income (QDI) - QDI reporting includes calculation of the 61 day holding period requirement, foreign qualification and domestic qualification. The reporting takes into account hedged positions and the resulting reduction in holding period.
  • Dividends Received Deduction (DRD) - DRD reporting functionality is designed to calculate the 46 day holding period requirement; taking into account hedged positions and the reduction in holding period.
  • Dividend Tax Expense - Dividend Tax Expense reporting compiles the necessary data required to report capitalized dividends and associated basis adjustments.


Geneva is the industry's premier, real-time global investment accounting solution. It solves the complex challenges faced by global investment managers with the speed and efficiency unmatched in the marketplace today. Geneva delivers the industry's only "main memory" database system, offering more accurate and flexible reporting, and eliminating batch processing and time-consuming error corrections. Geneva also unifies the general ledger and portfolio sub-ledgers, for real-time reporting and seamless, automated reconciliation, and features a large inventory of security types and transaction coverage, helping firms react to changes in business climate by handling both existing and future investment opportunities.

"Geneva has a strong history of providing cutting-edge tools and value-added services to support the complex challenges faced by global asset managers, mutual funds, hedge funds, fund administrators and prime brokers," said Sanjeev Doss, GainsKeeper's director and tax counsel. "Integrating FundTax will ease the considerable time these firms spend on tax compliance while enabling them more strategic management of each fund's tax posture."

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