Friday, October 01, 2010

Who Needs PM's Anyway?

The money-management business has indeed changed. One would be forgiven for wondering whether it even has anything at all to do with investment. While I have suspected such for a long time from mere observation of the long-only world, it was confirmed, again, today from an Advent Software Press release that I came across:
About Advent Portfolio Exchange(R) Advent Portfolio Exchange(R) (APX) is an end-to-end portfolio management solution that integrates the front-office functions of prospecting, marketing, and customer relationship management with the back-office operations of portfolio accounting and reporting.

Yes it's official: Portfolio Management, not only doesn't rate as "Front-Office", but seemingly has no place in Advent's Characterization of the Investment Management organization - strange for a company dependent upon a continuation of errrr ummm investment. Revenge of the organizational bureaucracy indeed!


Anonymous said...

Coming from an avid reader of yours,this might sound like an in-house bitch session,but of late your posts are becoming too parochially bourgeois.Unless this is a deliberate attempt to weed out readership that is uninterested in the bowels of deep finance ???

"Cassandra" said...

given the dearth of comments - any banter is welcome (except for the ad hominem's that resulted from striking someone's raw nerve).

I like the word parochial, and having read my share of Marx, Luxemburg, Braverman, and Marcuse am quite familiar with "bourgeois". Hoewever, I do not understand what you mean when you put them together. Please use some examples...I do appreciate bona-fide, well-articulated criticism.

Eric Hirschberg said...

All bow to Advent. Advent is our leader. We are the tools!