Advent Software has added managing and reporting capabilities for alternative investments to its Black Diamond platform.

The alternative investment functionality automates estimate entry, audit tracking and reconciliation reporting, and allows clients to update alternative investment information in bulk.

It was developed after beta testing with a dozen Advent clients and now comes as standard on the Black Diamond platform.

“Alternative investments have become an important part of professionally-managed portfolios as advisors look to hedge portfolios against market risk or find vehicles to drive performance in anemic markets,” Advent said in a statement.

“The ability to provide accurate reporting on these investments as well as a comprehensive view of their portfolios' performance is essential for advisory firms in order to meet their clients' demands for transparency.”