Penny Fast Facts

  • 640 funds

    deployed on system

  • 141 billion

    under management

  • 2.5 seconds

    to close a period

  • 20 percent

    top administrators using

  • 3 weeks

    average implementation

What makes us different

Investor accounting is hard. We know, because we've done it for over two decades. It is definitely NOT something you want to do with a spreadsheet.

Our accounting software, Penny®, is tailored for the needs of hedge fund back-offices, fund administrators, investment management companies, private equity partnerships, and family office wealth management.

A specialized partnership and shareholder accounting solution, the system easily handles fees, G/L, A/P, and taxes - and manages the complexities of tranches, waterfalls, hurdles, layering, side-pockets, share equalization, clawbacks, feeders, commitments and withdrawals.

Penny® is designed and developed by TKS Solutions, a registered Microsoft Partner.

Acclaim

Penny® has been recognized for its utility and usability by industry experts, customers, and the media:

  • Penny is without doubt the most powerful and flexible hedge fund and partnership accounting package on the market today.

    Brian ShapiroChief Executive Officer & President

  • Penny intuitively automates key shareholder accounting tasks. It plays a key role in our overall infrastructure.

    Shawn ArmstrongManaging Director of IT

  • For hedge fund managers yearning to know which clients will come or go, Ron Kashden may have developed the next best thing to a crystal ball.

    Svea Herbst-BaylissReuters

Management Team

  • Ron Kashden

    President

    Ron Kashden has over twenty years experience in financial services technology and accounting. Most recently, he served as CFO of the Tiedemann Investment Group.

    Ron previously headed software development at SAC Capital Management and HedgeWare. He is a CPA and holds a B.S. in accounting from Lehigh University.

    LinkedIn profile »

  • Nicole Licare

    EVP, Operations

    Nicole has a decade of experience in the hedge fund industry. Before joining the Penny team in 2005, she served as the Director of Professional Services for SS&C Technologies' hedge fund division.

    At SS&C, she was responsible for all product management, development, and consulting support for AdvisorWare®, HedgeWare®, and Total Return®.

    LinkedIn profile »

  • Joe Daly

    SVP, Supplemental Accounting Services

    Joe leads the Penny–SOS team, which provides fund accounting expertise and personnel to augment administrator, accounting firm, and internal fund staff.

    Previously, Joe was global director of accounting at Morgan Stanley Fund Services. Prior to that, he led accounting at the Bank of New York fund administrator. He has an MBA and an M.S. in accounting.

    LinkedIn profile »

  • Maria Solovieva

    VP, Business Development

    A CPA, with experience as CFO and controller at several hedge funds, Maria knows, firsthand, the ins-and-outs of partnership and shareholder accounting.

    Maria previously served as vice president of accounting at Ramius Capital–one of Penny's initial clients. She has an MBA from New York University and a B.S. in accounting from Binghamton.

    LinkedIn profile »

  • John E. Kelly

    VP, Client Services

    John has a decade of experience in the software industry, the last 6 years of it in partnership accounting software. He supports client implementations.

    Prior to joining the Penny team, John was employed by SS&C Technologies and Eagle Investment Systems in client services and project management roles. He holds a B.S. in accounting from Manhattan College.

    LinkedIn profile »