Fund administrator SEI Investments is incorporating Advent Softwares account consolidation product, Advent TrustedNetwork, into its investment processing program. The combined software will allow fund companies, on a daily basis, to provide consolidated account statements that can cull investment data from accounts housed at a host of other financial institutions, according to SEI.
More than 200 banks and brokerage firms currently participate in Advent TrustedNetwork and Advent is pursuing additional investment firms to join the network.
"The ability to see a clients total investment picture on a current basis allows financial service advisors to make better-informed tax management and investment recommendations to their clients," said Kevin Barr, SVP, investment processing solutions, at SEI. "This solution goes a long way in solving the challenge of accessing an investors relationships with multiple institutions and the difficulty of brining timely, accurate and complete data from those institutions together in one place."
This is SEIs second agreement with Advent. SEI began using Advents portfolio management and investment processing software, Advent Office, last July.