The fund administration and technology organization that is revolutionizing the purchase-side fund management with its Seamless suite of technology solutions, Sudrania Fund Services Corp., today announced that it has finished another strategic seed investment round by Bodhi Tree Asset Management. This investment is a follow up from a primary investment developed by Bodhi Tree in October 2018 and will enable the firm aggressively to expand its sales and marketing efforts as well as broaden and accelerate professional services and product development. Shalin Madan, the CIO of Bodhi Tree will join the Advisory Board of Sudrania.
This financing develops on an exceptional year for Sudrania which saw a rapidly growing roster of clients, multi-fold growth of revenue, and market momentum in the competitive yet lucrative field of fund administration and fund technology. Sudrania presently has approximately 150 clients and a staff of 160 across its offices in Chicago, India, Boston, and Hong Kong. Fintech News
The offering by Sudrania is well-positioned with the rapidly changing demands of the fund management industry that is looking to get away from time-consuming and expensive manual processes or matured software solutions that lack modern-day computing power and flexibility.
Nilesh Sudrania, Founder & CEO of Sudrania said that “We believe that the mindset of the current generation of fund managers is very different. They are no longer looking for big bank administrators, they understand the technology and the value it can bring to their business, and they are looking to keep their businesses cost-efficient. We believe the market will continue to shift towards more capable technology offered by fintech companies such as Sudrania and establish a new high watermark of expectations that fund managers have from their fund administrators.”
The seamless platform comprises of a portfolio of products geared towards investment managers in various verticals. At the heart of the platform is “Seamless Investment Backoffice” which gives the framework for other models of Seamless that includes Seamless Impact, Seamless CTA, Seamless RIA, Seamless PREQ, Seamless Crypto, Seamless NAV, and CommonSubDoc.
Key features and benefits of the Seamless platform include daily processing of:
- Full-scale generate ledger system
- Complete taxlot portfolio accounting,
- Wash sales and capital gains calculations,
- Automated expense amortizations, waterfall calculations, fee calculations
- Market data connectivity with third-party sources,
- Income allocation,
- Fee calculations,
- Performance reporting,
- Investor reporting via a dedicated portal.
- Total cyber-security secured and certified with SOC1, SOC2, and SOC3 audits
Shalin Madan, CIO of Bodhi Tree said that “As an emerging fund manager who accepts the latest technologies, I instantly noticed that our industry’s back-office solutions were far behind in the adoption of technology. A situation like the COVID-19 pandemic is an example of just how important it is for modern investment managers to have vendors that utilize automated technologies, can work flexibly, have a worldwide workforce, and who can offer a much-required continuity of business as well as a much higher level of visibility into the portfolio and account value on the daily basis to the fund managers as well as investors. As a fund manager, I know how important it is to have the account values for each investor at any time. I believe the monthly reporting cycle is antiquated and reflects a broken system, for which Sudrania has created a ground-breaking solution.”
