As part of a plan to expand its presence in Canada, global investment management software company Advent Software, Inc. has added Penson Financial Services Canada to its network of custodial sources, the company announced on Tuesday.

Penson Financial Services Canada is a subsidiary of Penson Worldwide, Inc., which provides execution, clearing, settlement and custody services financial services firms. The company will join Advent Custodial Data’s network of more than 470 custodial sources, providing Advent clients access to data from 10 Canadian banks, brokers and clearing firms.

“Client focus has always been the very core of the Penson business model, and seeking out the best and most current technology goes hand in hand with that philosophy,” said John Skain, president of Penson Financial Services Canada. “By joining the Advent network, we are more closely connected to our clients and better able to help them run their businesses efficiently and effectively.”

Advent Custodial Data is used by more than 2,500 firms to reconcile and report on over 2.5 million investment accounts. It delivers data sourced directly from custody systems of record and is delivered through secure data feeds developed in partnership with each custodian.

Advent has more than 50 clients in Canada, including asset managers, hedge funds, prime brokers and family offices. The company is working to develop its offering in the country.

“We are very pleased to welcome Penson Financial Services Canada to our growing network,” said Jeff Gowan, Advent Custodial Data product manager. “We feel that enabling our mutual clients to get data through our robust and secure network speaks to the commitment Penson Financial Services has to supplying their clients with industry leading tools to manage their business better.”

IE