Klingenstein, Fields & Co, the Manhattan-based wealth management firm with over $3 billion is assets under management, has replaced its incumbent platform with an integrated suite of products provided by US-listed
Advent Software.

Klingenstein was looking for a replacement for its core portfolio management system, and this drove an overhaul of its operating platform, the firms said in a statement. Under the change, a number of disparate systems, including CheckFree APL, have been replaced with an integrated Advent suite.

The Advent suite adopted by Klingenstein includes: Advent Portfolio Exchange, the end-to-end portfolio management systems; Moxy, Advent's trade order management system; Advent's straight-through processing tools; and Advent Revenue Center, which streamlines billing and revenue management.

"Previously, we had a number of systems that were neither integrated nor compatible; we knew that we stood to gain significant efficiencies through better integration," said Jonathan Roberts, Klingenstein’s senior vice president and chief compliance officer.

"The comprehensive, integrated approach of Advent's product suite made them very desirable, and having a complete straight-through-processing loop has produced unprecedented time savings and dramatic efficiency gains across the business.”

In other recent deals, in June Altamount Capital Management selected Advent Portfolio Exchange as its portfolio and client management system, and Moxy for modelling and trade order management. The Mumbai-based firm said its adoption of Advent’s software was to support the launch of multi-family office services.