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GainsKeeper in the News

U.S. Bancorp Fund Services Chooses Streamlined Solutions from Wolters Kluwer Financial Services and Advent Software

GainsKeeper FundTax Pro and Geneva® Integration Help Ease Burden of Processing Tax Reports

WALTHAM, Mass. and SAN FRANCISCO, Calif. – (Jan. 22, 2008) – Wolters Kluwer Financial Services and Advent Software, Inc. (NASDAQ: ADVS) today announced that U.S. Bancorp Fund Services, LLC, a subsidiary of U.S. Bancorp, has chosen their combined solutions for straight-through processing of tax reports. Through this offering, U.S. Bancorp Fund Services will rely on the integrated capabilities of Wolters Kluwer Financial Services’ GainsKeeper® FundTax Pro, a tax reporting solution, and Advent’s Geneva®, Advent’s award-winning global fund accounting and portfolio management platform, to support the accounting and reporting needs of U.S. Bancorp Fund Services’ alternative investment clients.

Fund accounting can be very challenging and time-consuming due to complex tax rules. Together, GainsKeeper and Geneva® simplify the process and help manage costs by combining their solutions on one system. The modules of FundTax Pro available to Geneva® clients include:

  • Wash Sales – GainsKeeper FundTax Pro automates the wash sales calculation process for instant reporting of the appropriate tax adjustments;
  • Qualified Dividend Income (QDI) – QDI reporting includes calculation of the 61-day holding period requirement, qualifying dividends for favorable tax treatment;
  • REIT Reporting – All relevant tax adjustments related to Real Estate Investment Trusts (REITs) are tracked, calculated and reported; and
  • Straddles – With its automated straddle tracking functionality, FundTax Pro greatly simplifies the complex tax calculations related to straddles.

Geneva® is Advent’s award-winning accounting platform for alternative assets, providing institutional portfolio managers, hedge funds, prime brokers and fund administrators with an integrated solution that supports complex, global investment strategies and high-volume trading in multiple instruments and currencies.

“We are very pleased to be working with Wolters Kluwer Financial Services to bring additional tax accounting and reporting capabilities to our clients,” said Todd Gottula, Co-Head of Global Accounts at Advent and Vice President for Product Development, Client Services, and Support. “This integrated solution helps firms mitigate operational risk and reduce operating expenses.”

“GainsKeeper FundTax Pro and Geneva® allow us to serve our alternative investment clients more efficiently while helping ensure accuracy,” said Eric Falkeis, CFO of U.S. Bancorp Fund Services, LLC. “In using these tools together, we gain quick and easy access to the accurate accounting data we need to meet industry requirements.”

“It’s an ongoing challenge to monitor the tax rules and consequences related to wash sales, REIT securities and straddles, and there is considerable pressure to complete difficult calculations while meeting strict deadlines,” said Chuck Ross, general manager of GainsKeeper. “GainsKeeper and Geneva® work together to ease the time firms spend on tax compliance, making their jobs much easier.”

About U.S. Bancorp Fund Services, LLC

Headquartered in Milwaukee since 1969, U.S. Bancorp Fund Services, LLC currently provides services to 250 fund families, with over 1,500 portfolios and over 1,900 fund classes and administers 3.8 million shareholder accounts with $718 billion in client assets. U.S. Bancorp Fund Services’ clients include mutual funds, investment partnerships, hedge funds, separately managed accounts, fund-of-funds, and offshore funds. It is a subsidiary of U.S. Bancorp, the 6th largest commercial bank in the United States with assets of $238 billion. Visit U.S. Bancorp Funds Services on the Web at

About Advent

Advent Software, Inc. (, a multinational company, has provided trusted solutions to the world’s leading financial professionals since 1983. Firms in more than 60 countries use Advent technology and manage investments totaling more than US $14 trillion. Advent’s quality software, data and services enable financial professionals to improve service and communication to their clients, helping them grow their business while controlling costs.

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services, AppOne®, GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb™ and CCH Wall Street®. Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2006) of € 3.4 billion ($4.3 billion), employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit

Advent and Geneva are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.