March 2, 2011 – Advent Software said it acquired Syncova Solutions, a privately held UK-based company that provides margin management and financing software to about a dozen hedge funds and prime brokers.
Terms of the transaction were not disclosed, but the San Francisco headquartered Advent touted the deal’s ability to expand its reach in the alternative investments market where its Geneva portfolio management software is used by over 150 hedge funds; 20 prime brokers and 40 fund administrators.
Advent will offer Syncova’s margin calculation and optimization software called Optima and Abacus, its debit finance reconciliation and optimization software. The two products will be sold either separately or in an integrated turnkey package with Geneva. Advent’s Geneva is a popular portfolio management software package for over 150 hedge funds; 20 prime brokers and 40 fund administrators .
About half of Syncova’s clients also use Geneva. Syncova’s software enables hedge funds and prime brokers to calculate expected margin and reconcile any differences in the calculations.
“Hedge funds can attribute margin requirements to internal traded positions and optimize their borrow costs and processes which would otherwise be done manually,” says Chris Momsen, senior vice president at Advent. “Prime brokers, in turn, will be able to automate the calculation of the fees they charge the hedge funds and perform intra-day margin analysis instead of end of day.”
Syncova has 17 employees at present.
This story originally appeared on Securities Technology Monitor.
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