How SS&C muscle might be just what the Black Diamond and Advent Software doctor ordered
The portfolio accounting provider to giants like Voya, Barclays and New York Life may finally get Advent into the cloud and crack the alternatives challenge
Oisín's Bits: Wealthfront drops old mission statement, declares war on institutions and emphasizes banking future • Seeking Utah charter, Edward Jones may become largest bank in US by branch count • After Advent chief leaves, Black Diamond head steps up
Andy Rachleff cans the old 'democratizing' mission statement at his robo; The 14,200 one-man Ed Jones branches may become branch banks; Steve Leivent consolidates power at SS&C.
July 3, 2020 – 1:12 AM
Addepar hires Advent genius then launches 'Advent Converter' to court the RIAs still on Axys and APX ; PortfolioCenter 'easy button' comes next
The tactic by the Mountain View, Calif. firm and Advent co-founder and code avatar Steve Strand comes a decade after Orion, Black Diamond and Tamarac began feasting on the legacy corpses, but Addepar insists meat remains on the bone.
March 3, 2020 – 5:05 PM
Pete Giza and Damon Deru go for Holy Grail of portfolio rebalancing with software that shuffles stocks, bonds... and asset classes; Believe it?
The RedBlack and TradeWarrior executives see old systems as 'archaic' yet know that the Black Diamonds, Morningstars, Orions and Tamaracs see rebalancing as a loss leader
June 11, 2019 – 9:49 PM
The exclusive deal SMArtX cinched with Black Diamond is yielding Tiffany results, and now SmartX is hiring to keep up
Growth is not an option for the tiny West Palm Beach concern after its SS&C alliance after AUM all but doubles in recent months requiring more inventory, expertise and staff
April 10, 2019 – 11:05 PM
Top Executive: Bill Stone
Many firms will either continue with or choose Advent products below the Geneva strata because of loyalty, because it’s safe (“no one gets fired for choosing IBM”) or because of decade(s) of investment in learning how to make Axys do what you want.
I doubt that the SS&C acquisition will impact Axys or APX users much as whether they stay or move on. WealthSite’s data team has seen a significant uptrend in Advent conversions over the past 12 months and we don’t see any signs of it slowing. Contrary to popular opinion it is just not that hard to leave Axys or APX and firms are starting to figure that out.
As you said there is a huge opportunity born in this acquisition and I for one am looking forward to the next 24 months.
Pete Giza | VP Bus Dev | WealthSite Inc | www.WealthSite.com