Sudrania Fund Services Raises Strategic Additional Investment From Bodhi Tree Asset Management
Downers Grove, IL based fund administration and fund technology company to aggressively accelerate sales, marketing and operations ramp up as it gains momentum and popularity with its unique, truly cloud based fund technology as fund managers look for ways to find flexibility and continuity of operations.
Sudrania Fund Services Corp (“Sudrania”), the fund administration and technology company that is revolutionizing the buy side fund management with its Seamless suite of technology solutions today announced that it has completed another round of strategic seed investment by Bodhi Tree Asset Management (“Bodhi Tree”). This investment is a follow up from an initial investment made by Bodhi Tree in October 2018 and will help the company aggressively 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 Sudrania’s Advisory Board.
This financing builds 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 currently has approximately 150 clients and a staff of 160 across its offices in Chicago, Boston, India, and Hong Kong.
Sudrania’s offering is well positioned with the rapidly changing demands of fund management industry that is looking to get away from time consuming and expensive manual processes or aged software solution that lack modern day computing power and flexibility.
“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 technology and the value it can bring to their business, and they are looking to keep their businesses cost-efficient”, said Nilesh Sudrania, Founder & CEO of formidium. “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.”
"Setting up an impact investment fund like MWM Fund is very difficult, without the support of others like Sudrania and the whole team. I can’t imagine we would be where we are at now. They've rolled everything up into one nice suite of services. The biggest thing I look for when working with someone is how they understand the specific situation and that not everyone fits into the same box. As we continue to roll out more funds for all to invest in, Sudrania will be right by our side along the way," said TJ Osterman, Managing Member & Partner of Money With Meaning Fund ("MWM").
Seamless platform consists of a portfolio of products geared towards investment managers in different verticals. At the heart of the platform is “Seamless Investment Backoffice” that provides the framework for other models of Seamless that include (Seamless CTA, Seamless Crypto, Seamless RIA, Seamless PREQ, Seamless MF, Seamless Impact, and CommonSubDoc).
Key features and benefits of the Seamless platform include a 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.
- Complete cyber-security ensured, and certified with SOC1, SOC2, and SOC3 audits
“As an emerging fund manager who adopts the latest technologies, I immediately 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 use automated technologies, can work flexibly, have a global workforce, and who can offer a much needed continuity of business as well as a much higher level of visibility into the portfolio and account value on a day to day basis to the fund managers as well as investors,” said Bodhi Tree CIO Shalin Madan. “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.”
Sudrania Fund Services Corp is a Chicago, IL based fund administrator marrying the power of cloud computing with boutique service model scaled for volume. Sudrania’s Seamless platform is an integrated portfolio, fund, and investor accounting system with full scale general ledger system, capability to process millions of trades, and produce daily NAV for hedge funds, crypto funds, commodity pools, mortgage funds. This integrated software system is equally capable of supporting automation of capital calls/distribution and other complex calculations for private equity and real estate funds as well as SPVs. In its short history of three years, Seamless platform has been shortlisted among top fund accounting system many times by industry leading publications. For more information, visit https://www.sudrania.com
About Bodhi Tree
Bodhi Tree Asset Management, LLC is a Fort Lauderdale, FL based investment management and family office advisory firm serving ultra-high net worth clients. Bodhi Tree offers a monthly subscription based quantitatively driven stock portfolio on the Interactive Brokers platform. Bodhi Tree also offers a cost-effective Back Office solution to family offices and alternative investment managers through its strategic partnership with sudrania. For more information, visit https://www.btam.co.