The new functionality is delivered through Geneva, Advent Software’s portfolio management and fund accounting solution. Advent recently entered into an agreement with Virtus Partners, to integrate Geneva with Virtus’ bank loan data offering.
Through this relationship, SEI clients gain access to automated loan data feeds from Virtus, which can be electronically posted directly into Geneva via a standard integration tool developed by Advent and Virtus. This helps SEI maximize efficiency and utilize straight through processing of loan data within its operations.
The enhancement to SEI’s existing platform includes the implementation of Advent Geneva’s bank loan functionality in conjunction with Virtus’ comprehensive bank loan database, by integrating a centralized loan data feed directly into processing and accounting platforms.
As part of the solution enhancement, SEI is offering a specialized set of reports that enable clients to gain bank loan-specific details and also, through integration with other asset classes, a consolidated portfolio view across all holdings. At this time, SEI is also implementing a multi-billion dollar beta client onto the platform.
Phil McCabe, senior vice president and solution head of investment manager services division at SEI, said: With Geneva and its new Virtus interface, we will further automate our bank loan processing capability and gain access to one of the industry’s leading sources of bank loan data. We’re very pleased to be one of the first fund outsourcers to take advantage of Advent and Virtus’ new relationship, and to deliver such a valuable solution to the market.
SEI has an ongoing philosophy of implementing and integrating best-in-class technologies to deliver industry-leading solutions for our clients. Clients will now have access to higher quality data, greater efficiency, and the increased operational risk mitigation that is so critical in today’s environment.
Robert Tomicic, partner of Virtus Partners, said: With this new offering, we have three centers of excellence all coming together to provide a world-class solution for bank loan processing. It is clear that SEI has a history of expertise in handling bank loans, Geneva has one of the pre-eminent investment processing platforms, and we’ve got an industry-leading base of specific experience, industry knowledge, and detailed bank loan data. We’re proud to be a part of this collaboration.
