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!
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 ???
ReplyDeletegiven the dearth of comments - any banter is welcome (except for the ad hominem's that resulted from striking someone's raw nerve).
ReplyDeleteI 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.
All bow to Advent. Advent is our leader. We are the tools!
ReplyDelete