EFront, a leading software provider of financial solutions for managing alternative investments, is pleased to announce that a new fund administrator in India has gone live with a fast implementation of eFront's solution.
The new private equity fund administrator is Sundaram BNP Paribas Fund Services Ltd., a joint venture of a leading Indian financial services company, Sundaram Finance Limited, and BNP Paribas Securities Services. Sundaram BNP Paribas Fund Services Limited began its private equity fund administration activities in 2012 and sought a powerful technological solution that would support its pursuit of private equity fund administration and accounting services in the Indian market. It had chosen eFront's application which was already being used by its global partner BNP Paribas Securities Services for its private equity fund operations, with a conviction that FrontInvest would be able to support its growing operations. The company also wanted to partner with a recognized global leader in the industry, as well as to benefit from the latest technologies.
The implementation at Sundaram BNP Paribas Fund Services Limited was completed quickly, in just six weeks.
"The Indian private equity market is one of the fastest growing markets in the world. We recognize eFront as a provider with significant global experience and we expect them to meet the exact standards that private equity players in India expect," says Shridhar Iyer, CEO of Sundaram BNP Paribas Fund Services Limited.
"We are thrilled to have Sundaram BNP Paribas Fund Services Limited as a client," commented Tarek Chouman, eFront COO, Asia & Middle East. "It has great potential for growth in the region and we're confident we will support it. This new partnership also confirms our strong presence in India and across the region. It is a great way for us to ring in the New Year, and just the start of what promises to be a strong 2014 for eFront."