Netik has signed a partnership agreement with Advent Software to integrate Advent’s portfolio management and fund accounting solution, Geneva, with its data service solution and utility for reference and market data, Netik Global Securities Master (GSM). According to both vendors, the combined solution is aimed at providing hedge funds, prime brokers and fund administrators with a best of breed solution for reference and market data.
To this end, Netik and Advent have invested in an adapter, available ‘off-the-shelf’, to combine the two products. The new adapter solution will be licensed to users through Netik and will be maintained by both companies
“We started discussions in April around how to leverage Netik’s newly acquired reference data service and combine this with Advent’s requirement to satisfy the Geneva client base’s need for pre-populated reference data and pricing,” explains John Wise, Netik CEO.
“Netik and Advent have a pre-existing relationship centred on a partnership for delivering flexible reporting,” adds Wise. This partnership is via Netik’s InterView data warehouse and the relationship goes back to 2002. “It is a natural extension of the relationship to include Netik’s newest product, Netik GSM reference data services, in the offering to Advent Geneva’s clients,” he adds.
Both firms hope that the adapter will enhance the delivery of reference and market data for downstream distribution and full integration with consuming applications.
Todd Gottula, senior vice president and co-head of global accounts for Advent, explains: “Now, with a fully managed service solution for reference and market data provided by Netik GSM, new prospects and existing customers have access to a single source of the highest quality reference and market data.”
Netik’s Wise adds: “In this arrangement, Netik will be distributing Netik GSM services to Advent’s Geneva clients and, to them, this will look like a ‘one-stop-shop’ for an accounting engine pre-populated with reference and market data.”
He continues: “Our joint clients tell us that this is a highly valuable offering. The benefit to Advent is that this arrangement counteracts competitive pressure in the marketplace. The benefit to Netik is that Advent represents a channel through which to distribute our products and services.”
Through this alliance with Advent, Netik is able to reach the hedge fund market, adds Wise. “Getting reference and market data correct is key to any Geneva implementation and indeed any solution for hedge funds, and with over two decades of proven experience, Netik GSM is ideally positioned to deliver this. Hedge funds can quickly and easily select their universe from the Netik GSM utility, enabling Netik GSM to be implemented within days. Our combined offering provides customers with a truly end-to-end solution for reference and market data.”