Terra Partners selects Advent for IT systems
Terra Partners, a New York hedge fund manager with its back office in Prague, has chosen Advent's portfolio management and accounting software solution, Partner as the IT base upon which to scale its European business.
The company's specialty is emerging markets and it is investment manager of the Central European Privatisation Fund, the Worldwide Opportunity Fund and several managed accounts. According to Howard Golden, president of Terra Partners, the funds expect to manage between $30-$50m before the end of 2004.
Golden picked Advent's system after using it in the US, and agreed the licence with Advent Hellas, the supplier's subsidiary covering the Greek, Southern and Eastern European markets.
'The Advent solution is the right choice for Terra. We evaluated eight different software systems, all major brands from the US and Great Britain. Advent came out on top,' he said.
Solutions such as Advent's can cost tens of thousands of dollars in licence fees per user, more for maintenance and upgrades. However, Golden said the charges are competitive, 'with flexibility and also a straightforward and short implementation. The final decision maker was the competitive price Advent proposed in comparison to the competition.'
The fund has completed implementation.
'We know we will be able to produce accurate, punctual information to support our investment decisions, and provide quick responses to our investors, both of which are imperative to the growth of our company,' Golden said.
'We want to serve our clients in the best possible way. Advent enables us to produce performance reports and other information that will satisfy our investors. Our clients' satisfaction and impressive reporting of our performance are the best ways of attracting new investors.'
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