US investment banking group Jefferies is implementing Advent Software's investment management and accounting platform Geneva to support its prime brokerage operations.
Jefferies' prime brokerage unit provides a range of transactional services, including trade execution, clearance, settlement and Web-based portfolio reporting.
The New York-based firm is rolling out the Advent technology to help manage and grow its prime brokerage division.
Advent says Geneva's real-time, no-batch architecture provides the response time, reliability, and accuracy needed when dealing with complex operational and business growth, allowing Jefferies to quickly bring on new accounts without adding operations staff.
Glen Dailey, head of prime brokerage services, Jefferies, says: "With Geneva, we can efficiently support the full range of investment vehicles, while providing timely, flexible reporting options to our clients, both cornerstones of our prime brokerage offering."
Dailey says Geneva's open system design will allow the firm to create a scalable work environment tying into legacy, proprietary and other existing software systems.