The Bank of Bermuda's Global Fund Services division (GFS) has announced it will use US-based software provider, Advent Software's `Geneva', real-time global portfolio accounting system, and `Advent Partner', for partnership accounting, throughout its global network.

The Bank of Bermuda said the GFS division selected Advent's products after a review of the systems in the marketplace capable of supporting the sophisticated and complex needs of the alternative funds industry globally, placing particular emphasis on hedge funds.

Paul Smith, Head of Bank of Bermuda's GFS said: "As a renowned fund administrator to the alternative investments industry worldwide, we are delighted with the technological advancements that the `Geneva and `Advent Partner' products offer us.

"This partnership further underpins our strategic focus and commitment to providing the highest quality service and working with the alternative investments funds sector globally."

Stephanie DiMarco, Advent's Chairman, said: "We are delighted to be working with the Bank of Bermuda, and we are particularly excited about the long-term potential of the relationship.

"We look forward to delivering products with even more dynamic processing capabilities and instrument coverage, as well as leading edge technological advancements to the global hedge funds arena."

David Smith of the Bank's Global Head of Sales and Client Relationships said: "Listening and responding to our clients is what sets the Bank apart from its competitors.

"By taking this approach, we have been able to identify the best products in the marketplace to suit their needs. This system will allow us to customise our services to our hedge fund clients and their complex requirements."

Advent's "Geneva" and "Advent Partner" systems have already been installed for a number of the Bank's existing North American clients in the New York office.

The systems will be rolled out into the Bank's Dublin and New York offices during 2002, and Bermuda, the rest of Europe and Asia thereafter.

"This represents a significant building block in our technology strategy," said Simon Maclean, Head of Systems and Operations globally.

"We believe that by taking the best that the marketplace has to offer and forming strategic partnerships, the Bank will be positioned to further strengthen its formidable position and drive our business strategy forward," Mr. Maclean said