Investment management software maker, Advent Software, will acquire Black Diamond Performance Reporting for about $73 million. Black Diamond’s management team, led by founder and CEO Reed Colley, will operate as an independent business group that will lead Advent’s advisory strategy. Colley will become general manager of the Black Diamond group and will work under Peter Hess, Advent’s president. Black Diamond provides web-based, outsourced portfolio management and reporting platforms for independent advisors.

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