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If technology cannot reduce the cost of operations then the technology is not doing its job. Why would you use a software if its more expensive and time consuming?
After spending 15 year in fund administration in Chicago, Our founder Nilesh Sudrania worked with a technology company in New York City. During this time, a realization occurred... the fund services industry had not yet embraced technology.
Our imagination is often limited by what others have given us… In the case of fund managers they were used to of getting poor service and products. Nilesh saw the possibility of transforming the industry and he knew he could make the new normal technology, data and reports with faster turnaround. Nilesh’s former colleagues Manish Agrawal and Nitin Somani were also transitioning to new careers around the same time and agreed with the idea that the industry needed an influx of technology; so began the Sudrania team. With the ambitious goal of covering every asset class, combining all of the traditional back office systems into one and using cloud technology to do so, development began on seamless.
“Previously, investment managers had a understanding: fund administration had to be expensive, it wouldn’t give them the data they were looking for and the service would be bureaucratic.” Most administrators used spreadsheets or legacy application for accounting, no portfolio analytics tools, and a mindset that creates more hurdles for their clients that solutions.
“We wanted to address all the asset classes in one application - a single database solution and we wanted it to be easy. Anyone can login from anywhere using a web browser. We embraced cloud to the extreme.”
After testing the technology solution with several early adopters, we knew we were on to something. The results were accurate. Within a short period of time we have been able to become partners with other likeminded fund managers who are looking for technology to get the edge and add value to their investors.