The new functionality will enable advisors and wealth managers to manage and report the details of their alternative investment holdings down to the transaction level allowing them to provide a more complete financial picture to their clients, the technology company claims.
Reed Colley, senior vice president and general manager of Black Diamond, said, "Support for alternative investments is an area of growing interest for many wealth managers, and this solution eliminates one more boundary for them in providing the type of information that is essential to their clients. It’s a great example of where we are continuing to innovate new solutions for our clients to help them on their path to greatness."
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The alternative investment functionality within the Black Diamond platform automates many common and otherwise time-consuming workflows, including estimate entry, audit tracking and reconciliation reporting. With the new feature addition clients can now update information relating to their alternative investments holdings in bulk rather than having to key them in one asset at a time, Advent added.
Black Diamond is an independent business unit within Advent. The platform is purpose-built to meet the needs of advisory firms and more than 200 enhancements to the Black Diamond portfolio management and reporting platform have been released since its initial launch in June of 2010.
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