Advent Software, Inc., the software provider for the global investment management industry, today says the total number of Advent Corporate Actions (ACA) clients has reached 300, highlighting the product’s success.
ACA, a straight-through-processing service, delivers customized, position-level corporate action reports for a broad range of action and security types, along with scrubbed, market effective transactions for mandatory U.S. equity and ADR events, including tax compliant details. Using ACA, firms can: track actions from announcement through effective date; receive alerts containing revisions and processing tips; and gain access to a dedicated team of corporate action specialists who assist advisory staff with processing details and the interpretation and confirmation of complex tax opinions.
“ACA saves us time and effort by streamlining the process of posting complex corporate actions,” says Jack O’Brien, assistant vice president, Wentworth, Hauser and Violich, an asset management firm based in San Francisco with $13.4 billion assets under management. “Our firm’s implementation of ACA has eliminated the risk of manual errors causing an incorrect posting of a corporate action. Additionally, since we use Advent Portfolio Exchange (APX) for portfolio management, we gain the added confidence that the transactions we receive from ACA accurately reflect realized gains or losses as well as the cost basis in APX.”
ACA’s user base includes clients using Advent’s portfolio management and accounting platformsAxys, APX and Geneva, as well as non-Advent clients. Forty percent of all active APX clients use ACA.
“We are excited to see a growing number of clients across Advent and non-Advent accounting platforms realize the benefits of ACA,” says Alison Swabowicz, senior straight-through processing product manager at Advent. “We are proud of our unique solution, which provides advance event notification, market effective transactions and processing instructions for complex eventsalleviating a critical pain point for our clients as they seek ongoing operational efficiencies.”