Suntera Global has acquired US fund administration business Socium Fund Services in a key strategic move as the firm continues to grow and expand its international footprint into new global markets.
The acquisition of Socium, which requires no regulatory approval and completes with immediate effect, will strengthen Suntera Global’s offering for fund managers and provide the group with an important US operation for the first time, adding three key North American locations to its international footprint.
Founded in 2016, Socium has its headquarters in New Jersey, and with additional offices in California and Arizona, provides a pan-US proposition. A specialist provider of high-quality and boutique fund administration services to private equity, private credit, venture capital and real estate focused fund managers, Socium has deep sector experience in offering a full suite of solutions including accounting and administration, investor services, reporting services, treasury, tax, and regulatory and compliance services.
Socium differentiates itself in the highly competitive fund market by being more than just a service provider. With their entrepreneurial approach, they strive to build long term partnerships with each of their clients and provide them with 24/7/365 live data access through their leading technology platform.
The Socium team will join the Suntera Global team immediately and will become “Socium, a Suntera Global Company”.
In joining Suntera Global, Socium will provide on-the-ground expertise and help raise Suntera Global’s profile in the strategically important US market, complementing the firm’s existing global funds expertise and its international network across the Bahamas, Cayman Islands, Hong Kong, Isle of Man, Jersey, Luxembourg, Malta and Switzerland.
David Hudson (pictured), Group CEO, Suntera Global, said: “This is a major strategic move for us, reflecting our ambition to expand into a new, major market that offers significant growth potential. Socium’s innovative approach, deep and broad expertise and focus on delivering a bespoke technology-enabled client experience aligns well with our own core value of delivering sustainable, responsible growth.
“Servicing clients on both the east and west coasts, Socium will not only enhance our service offering and presence in the US itself but will also add considerably to our existing global capabilities in supporting alternative fund managers. I’m looking forward to welcoming our new colleagues to the team.”
Michael Von Bevern and Beth Mueller, joint Partners and Co-Founders of Socium, shared: “We are incredibly proud of how Socium has grown over the six years since its inception to its standing today as a highly regarded fund administration business with the capability to provide sophisticated solutions to managers in a highly complex environment.
“Becoming part of the Suntera Global team will give us the opportunity to continue to enhance and broaden our client offering. Suntera Global’s culture of Empowering Responsible Ambition resonates with us as entrepreneurs and leaders committed to building an exceptional team to deliver superior service in our industry. We are excited for the opportunity to expand and strengthen the offering we have built, with a globally recognised firm who shares our vision of excellence and accountability.”