Advent Software Corp., San Francisco, has introduced what company officials say is the world's first global real-time portfolio management software application.
Neil J. Herman, an analyst with Salomon Brothers Inc., New York, is optimistic about the market reception Geneva will get. Advent's corporate prospects look good and "much of this upside potential comes from Advent's high-end portfolio accounting product, Geneva .*.*." said Mr. Herman in a research report on Advent.
He said individual deals for the software should be in the $500,000 to about $1.5 million range.
Geneva can handle "every conceivable type" of security, according to Lisa Church, a senior vice president with Advent. She said its error correction capability can correct original errors, and corrects errors in data that resulted from the original error.
She said the target market for Geneva is for investors with $20 billion or more in assets.
"We think our primary competitor for this system is going to be in-house, mainframe .*.*. systems," said Ms. Church.
Advent, which also makes the portfolio accounting system Axys, designed Geneva while working with Goldman Sachs & Co., New York, and Duquesne Capital Management, Pittsburgh.
Geneva offers multicurrency accounting capability and the ability to consolidate all investments into one portfolio accounting system, according to Stephanie DiMarco, Advent's chairman and chief executive officer.
Separately, officials at the money management firm Zurich Kemper Value Advisors, New York, installed Axys 2 portfolio accounting and management software.
Microsoft Windows-based Axys replaces the firm's WinDX portfolio accounting software that ran on a Wang-based computer network.
Geoffrey Weglarz, information systems project manager at Zurich Kemper, said the network setup the firm had been using required a high degree of maintenance and lacked stability.
"One of the major reasons for switching to Axys was the stability of the Axys environment and architecture, said Mr. Weglarz. Axys, he said, has "a good audit trail" and problems will be easy to track down should they develop.
A portfolio manager at Zurich Kemper, Tom Sassi, said he finds Axys easy enough to use that a portfolio manager can produce reports.
Zurich Kemper officials have created a number of new custom reports, including new performance reports. Axys, they said, has good performance capabilities.
Portfolio managers also can dump Axys information easily into a Microsoft Excel spreadsheet, said Mr. Weglarz. Axys IDC interface now permits Zurich Kemper to update its data daily instead of weekly as it did before, said Mr. Weglarz.
Princeton links with SWIFT
PRINCETON, N.J. - Princeton Financial Systems, Princeton, now offers a connection to the Society for Worldwide Interbank Financial Telecommunication electronic network through Princeton's PAM portfolio accounting and management system.
The SWIFT link is available through PAM's Custodian Trade Notification and AssetMatch software modules. The link will be available with other modules in the future.
The Custodian Trade Notification module allows investment managers to electronically send trade advice to custodian banks in the industry standard SWIFT/ISITC format.
PAM's AssetMatch module automatically reconciles bank-reported holdings to those recorded in PAM.
For more information, contact Gordon Gacek at Princeton Financial at (609) 987-2400 or by e-mail at [email protected]
And so does Austraclear
SYDNEY, Australia - Austraclear, the operator of the central securities depository to the Australian money market, is joining the interbank messaging service, the Society for Worldwide Interbank Financial Telecommunication.
Autraclear will have electronic connections with SWIFT by the end of 1998.
Also, SWIFT officials have announced they will give customers a $40 million price rebate this year on FIN, its core financial messaging service.
About its relationship to Austraclear, Ian Johnston, a regional manager with SWIFT said: "We are further broadening our role from providing interbank messaging services to also being a core component of the market infrastructures like Austraclear."
State Street enters cyberspace
BOSTON - State Street Corp. has launched a Web site that will provide secondary market information on the commercial mortgage-backed securities for which State Street acts as trustee.
"State Street's corporate trust Web site provides easy access to timely market data for clients and investment mangers," said Jim Quale, senior vice president of State Street's corporate trust business.
The site provides access to bondholder reports, stratification tables, periodic loan files and supplemental reports on commercial mortgage-backed securities.
The site has links to a master servicer Web site and allows users to interact with State Street corporate trust personnel via e-mail.
The site is www.corporatetrust.statestreet.com.
Technology reshapes real estate
DALLAS - Recent advances in use of the Internet, electronic commerce and various information systems will have a huge impact on real estate investment, according to a research paper by L&B Group, Dallas.
The paper "Technology and Real Estate" states new technology tools could reshape virtually every aspect of the real estate investment process.
E-mail, cyber malls, online banks and other interactive technology provides users with the ability to share information in minutes rather than days, the paper states.
Use of the Internet is one of the many tools through which the investment management community is enhancing its client service, said Joseph W. Dingman, executive vice president at L&B. Processing of property-level data and delivery of performance information can be enhanced through the Internet, said Mr. Dingman.
The L&B research paper is posted on the Internet at www.lbgroup.com. It contains more than 60 links to other Web sites.
For further information, contact Charlotte Ellis at The L&B Group at (214) 989-0622.
MetLife opens Web site
NEW YORK - Metropolitan Life Insurance Co., New York, has established an Internet site for businesses at www.metlife.com/business.
The site is for investment management consultants, plan sponsors, employee benefit and human resource professionals, chief financial officers and others.
The site provides information on more than 70 MetLife products.
Fixed-income reports go online
BOSTON - BancAmerica Robertson Stephens, Chicago; First Union Capital Markets Corp., Charlotte, N.C.; PaineWebber, New York and Prudential Securities Inc., New York, have signed agreements to distribute their fixed-income research reports over the electronic service BondCall Reports.
Also, the quantitative demand-supply research of Boston Equity Research Group Inc., Waltham, Mass., is now available electronically and in real-time through the electronic service FIRST CALL Research Direct.
BondCall Reports allows users access to more than 10,000 commingled, full-text fixed-income research reports.
FIRST CALL Research Direct allows clients access to more than 320,000 original commingled, full-text equity research reports.