Citi and State Street join initial investors
to drive FundGuard's AI and cloud-powered global asset
servicing platform
NEW
YORK and BOSTON and
TEL AVIV, Israel,
April 19,
2022 /CNW/ -- FundGuard, the AI-powered SaaS
investment management and asset servicing enterprise platform,
announced today that it has closed a $40
million Series B funding round. The investment round
included large strategic investors Citi and State Street Corp, who
joined initial investors Blumberg Capital, LionBird Ventures, Team8
Capital, and other investors to back the company's future-ready
technology approach to asset servicing.
A new-generation of global asset servicing
capabilities for asset managers and their service providers
This round of financing comes after a busy 12 months for
FundGuard including landing asset manager, fund administration and
custody bank customers, launching its enhanced investment
accounting solution, including support for digital assets, and
announcing the appointment of John
Lehner, former State Street and BNY Mellon executive as
FundGuard's president.
"Having the world's leading financial services organizations
join us as strategic partners and investors is an exciting
endorsement of our vision to build a new-generation of global asset
servicing capabilities for asset managers and their service
providers," said Lior Yogev,
FundGuard CEO and co-founder.
FundGuard President John Lehner
added: "By harnessing the cloud and AI, our technology enables our
clients to be more cost effective and offer new and innovative
products at scale. This new investment will allow us to accelerate
our growth and continue to attract top talent so that we can meet
the demand we are seeing from asset managers and service providers
who realize their legacy technology, simply put, costs too much and
can't do what they need it to do."
Okan Pekin, Citi's Global Head of
Securities Services commented: "We are thrilled to partner with
FundGuard as they have built an attractive investment servicing
platform that complements our vision to leverage cloud technologies
to unlock the power of data for the benefit of our clients." With
$27.8
trillion1 in assets under custody
and the industry-leading proprietary network with branches in 63
countries and global access to over 100 markets, Citi Securities
Services provides clients with extensive on-the ground local market
expertise, innovative post-trade technologies, customized data
solutions and a wide range of custody and fund services that can be
tailored to meet clients' needs.
John Plansky, Head of State
Street Alpha commented: "We are excited to partner with FundGuard
and its comprehensive, cloud-native accounting platform to support
our Alpha strategy."
Today's series B round brings total investment in FundGuard to
more than $55 million in 3.5
years.
1Assets
under management as of December 31, 2021, represents total assets
under custody, administration and trust.
|
About FundGuard
FundGuard is a next-generation SaaS platform for investment
management and administration that is powered by AI. FundGuard
helps asset managers and fund administrators to manage mutual
funds, ETFs, hedge funds, insurance products, and pension funds,
supporting digital transformation, operations automation, AI-based
insights, resiliency, and migration to the cloud. FundGuard is
backed by strategic partners including Citi and State Street Corp,
venture firms Blumberg Capital, LionBird Ventures, and Team8
Capital among others, as well as industry executives Heidi Miller, Jack
Klinck, Jay Mandelbaum and
others.
Please visit www.fundguard.com.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments,
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at
http://www.citigroup.com | Twitter: @Citi | YouTube:
http://www.youtube.com/citi | Blog: http://blog.citigroup.com
| Facebook: http://www.facebook.com/citi | LinkedIn:
www.linkedin.com/company/citi.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $41.7
trillion in assets under custody and/or administration and
$4.0 trillion* in assets under
management as of March 31, 2022,
State Street operates globally in more than 100 geographic markets
and employs approximately 39,000 worldwide. For more information,
visit State Street's website at www.statestreet.com.
*Assets under management as of March
31, 2022 includes approximately $73
billion of assets with respect to SPDR® products for
which State Street Global Advisors Funds Distributors, LLC (SSGA
FD) acts solely as the marketing agent. SSGA FD and State Street
Global Advisors are affiliated.
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SOURCE FundGuard