Clover Capital Management, a Rochester, N.Y. based investment adviser, recently implemented Indata's I.M.S. for Windows to take advantage of the system's straight-through-processing abilities and system architecture. The company has been live with the product since the end of June.
"We wanted to move on to newer technology," comments Dennis Slimmer, information systems manager for Clover Capital. The company previously used a DOS-based in-house system. Indata's I.M.S. provided the company with the opportunity to upgrade to a system that could better handle the $2 billion in assets that it holds for individuals, employee-benefit plans, endowments and foundations.
While looking at multiple vendors to provide the STP technology Clover needed, Slimmer noted that Indata was "the only system that uses a single database for all of its modules and also it's an open database that runs on Microsoft SQL server." Clover issued a formal RFP, leading the company to look at Advent Software and Financial Models Company, among others.
Implementation for the product occurred over several months with help from Indata and Cutter Associates. Clover Capital, Slimmer says, has found the system "extremely easy to use" to perform their equity investment and fixed-income-markets functions.
The system will provide the company with STP functionality, as well as the ability to operate in a T+1 world when, and if, it becomes a reality. The system contains functional modules for portfolio management and reporting (Paramount Back Office and Reports), trade-order management (Precision Trading), performance measurement and attribution (APEX) and billing. Each of these modules can be licensed separately or used as a package based upon the customer's needs.
Indata's product suite also includes the InContact system for Customer Relationship Management. The program is a real-time Web-enabled front office solution created for money management firms that includes live holdings, trading blotter views as well as client reports available online.