Advent pulls out of local market
Back-officesoftware providerAdventhas pulled out of the Australian market and closed its Melbourne office.
It is understood the company will support the software from the US in the future.
Advent has a client base of between 80 to 100 users, which includes financial planners, stock brokers and portfolio managers. Clients include financial planners Money Managers, accountants Pitcher Partners, Macquarie and the National Bank of New Zealand.
Advent has said, through an e-mail from the US, it will support Australian clients, but late last week announced it was stopping support of the local content of its AXYS portfolio modelling tool. It was also no longer supplying local data feeds, which included tax updates.
Advent set up in Australia about five years ago having previously used a local distributor for its products.
Money Managementunderstands a local buyout of the operation by management was rejected by Advent, which has 6,000 clients in the US.
The push to take over Advent’s Australian clients has already begun withPraemium Portfolio Servicessnaring the company’s former sales and training manager, James Maramis.
Praemium senior product manager Warren Gibson says Maramis will be joining the company’s distribution team with responsibility for transferring Advent clients’ data between the two systems.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
