Thomson Reuters has scored another key win for its DataScope Select service with the signing of an agreement with investment management software provider Advent Software to provide its portfolio management and fund accounting solution with pricing and reference data. Under the terms of the agreement, the two vendors will create and interface to link Advent’s Geneva solution with DataScope Select.
The appeal for Advent was the ability to extend the core capabilities of its Geneva platform, says Chris Momsen, senior vice president and general manager of global accounts for the vendor. “By linking Geneva to DataScope, Advent clients will be able to seamlessly integrate pricing and reference data, which will help them to effectively manage their data requirements in a timely and flexible way,” he explains.
DataScope Select will feed the platform with global pricing and security reference data including corporate actions for portfolio management, administration and valuation. Gerry Buggy, global head of hedge funds at Thomson Reuters, reckons the data will allow Advent clients to achieve processing efficiencies and a consistent valuation process. “Hedge funds require concise pricing and reference data to accurately manage their portfolios. Thomson Reuters offers the broadest data coverage, including price, terms, conditions, corporate actions and counterparty data housed and maintained on a truly global basis,” he claims.
The Advent deal represents the second public win for the DataScope Select service this year. In June, valuations vendor Pricing Partners opted for the service to provide it with market data to calculate independent valuations using its proprietary pricing model, Price-it.
Thomson Reuters has also had a fairly solid second quarter in terms of revenues, despite what it describes as “difficult economic conditions”. Its Enterprise division, in which DataScope Select sits, achieved robust revenue growth for the period in comparison to last year’s results. “Revenues rose 7% against very strong results from a year ago, when organic revenues grew 14%,” Thomson Reuters reported in its quarterly report earlier this month. It cited “strong customer demand for reference data, independently validated pricing services and data to automate front, middle and back office applications.”