STRAIT and Smonik Systems form strategic technology partnership
Smonik Systems (Smonik), a data management and reconciliation software and services provider has partnered with STRAIT Fund Services (STRAIT), a fund solutions company providing a full range of services for hedge funds, private equity funds, family offices, and other asset management firms.
STRAIT will augment its robust back- and middle-office processes with Smonik’s automated product for data management and reconciliation, providing a dynamic solution for investment managers.
“As our clients’ investment strategies continue to evolve and increase in complexity, it is essential for us, as their trusted partner, to have the most sophisticated tools in place providing accurate, timely, and cost-effective solutions,” says Stacey J Relton, Managing Partner. “Smonik’s data management software will add tremendous efficiencies to our core accounting processes minimising risk and ensuring operational prowess in an ever-changing market environment.”
The Smonik software will bolt onto STRAIT’s core accounting system, creating a holistic management workflow solution. Trade, cash, and position files from internal and external systems are automatically loaded into the Smonik Reconciliation tool where holdings and transaction-level data will be processed daily. By implementing Smonik’s automated reconciliation tool into its streamlined workflow, STRAIT will increase operational efficiencies and easily accommodate new instruments as their clients’ investment strategies expand.
“We are thrilled to work with a premier fund solutions provider like STRAIT and to partner with them as they continue to build out their impressive back- and middle-office infrastructure to facilitate their rapid growth,” said Stephen Hixon, Principal at Smonik Systems.