As the CEO of SoftPak Financial Systems, I have over 30 years plus experience developing, planning, and managing quantitative finance applications. Risk Analytics, Portfolio Optimization, Enterprise Risk, Performance Attribution, Portfolio Characteristics and Rule-Based Portfolio Rebalancing. Employing a workforce of over 150 professionals worldwide and offering a comprehensive suite of software products. My company has processed over $500B per annum in trades and transactions, over its numerous years of existence. Diving into my strong background in quantitative disciplines and excellence within SoftPak and its clients. I strive to work closely with all my employees ensuring adherence to the highest quality without compromising on work life balance.
Company: SoftPak Financial Systems, Inc
We are thrilled to have you join us today, welcome to ValiantCEO Magazine’s exclusive interview! Let’s start off with a little introduction. Tell our readers a bit about yourself and your company
Naaz Scheik: I am Naaz Sheik, CEO and Founder of SoftPak Financial Systems. I started my career as a quantitative analyst at Wellington Management in Boston, where I focused on financial analytics and portfolio management. In 1994, I made the risky choice to go off on my own and I started SoftPak with the mission to revolutionize financial technology software, making it more intuitive and powerful for portfolio managers.
With a Master’s in Math’s and Physics from Tufts University and the University of Karachi, I have grown SoftPak to more than 150 employees worldwide. Now, our technology processes over $500 billion annually for some of the world’s largest investment firms. My dedication to progress in financial technology keeps SoftPak at the forefront of financial technology.
If you were in an elevator with Warren Buffett, how would you describe your company, your services or products? What makes your company different from others? What is your company’s biggest strength?
Naaz Scheik: So, it is extremely coincidental that this question came up because a few years back my wife met Warren Buffett at a conference, who jokingly proposed marriage to her on one knee, giving us a story we laugh about to this day. He is a brilliant and funny man, who I admire greatly. He is an entrepreneur at heart, always curious, so if I had met him that day, I would share how proud I am about the huge strides SoftPak has made in the fintech space, with our award-winning portfolio rebalancer ‘Urebal,’ focusing on quantitative portfolio management. SoftPak’s full-scale software development services are client-centric, providing tailored solutions for all. I would also talk to him about how we are expanding on a global scale, making strides in the Gulf and South Asian markets. Our small but agile structure allows move quickly for our clients and keeps our prices competitive.
In the past year, what is the greatest business achievement you’d like to celebrate with your team? Please share the details of that success.
Naaz Scheik: Within the last year, SoftPak successfully managed to partner with Quantingo, and Axioma. Moreover, we also managed to launch our newest product ‘ScaleX.’ This product expansion helps us reach a new segment in the industry and broadens our product portfolio.
Quiet quitting, The Great Resignation, is an ongoing trend causing many businesses to struggle to keep talent engaged and motivated. Most are leaving because of their boss or their company culture. 82% of people feel unheard, undervalued, and misunderstood in the workplace. In your experience, what keeps employees happy? And how are you adapting to the current shift we see?
Naaz Scheik: Bosses are an important part of company culture. As chief executive, it is my responsibility to provide the best company culture and ensure employees are given the right to speak up or have their voices/queries heard by upper management. Good compensation packages are also another great driving factor to keep employees happy, ensuring a competitive salary has always worked for me when promoting a productive work environment. There will always be the occasional employee who wishes to find better opportunities abroad or finds other offers elsewhere, in those cases I always bid them farewell on a happy note, wishing them well for their future endeavors.
What advice do you wish you had received when you started your business journey and what do you intend on improving in the next quarter?
Naaz Scheik: Although, there are many things that come to mind when thinking, “what do I wish to improve?” When working in the fintech industry, my team must meticulously maintain multiple certifications, whether in management, security, or others. Employees gain valuable experience in the scope of these certification frameworks, allowing them to grow and the company to grow as well. Another thing I have been working on in the past year is OKR’s (objectives and key results), so far it has helped my employees stay motivated on working towards a common goal or result, helping them stay focused as well.
Here is a two-fold question: What is the book that influenced you the most and how? Please share some life lessons you learned. Now what book have you gifted the most and why?
Naaz Scheik: This is a tough question. I mainly only read technical books, based on AI, genetic algorithms, and quantum computing. I have never gifted anyone a book before, maybe, advised or talked to like-minded individuals, who have read similar books in that manner, but never gifted.
Christopher Hitchens, an American journalist, is quoted as saying that “everyone has a book in them” Have you written a book? If so, please share with us details about it. If you haven’t, what book would you like to write and how would you like it to benefit the readers?
Naaz Scheik: Another similar question, whenever I think about writing an article, it would probably be very technical. Lately, I have been thinking about writing something in quantum computing, the more I read about it the more fascinated I become about its applications in Fintech. As such the average individual cannot figure out that when they are reading about quantum computing, is it about quantum software or quantum hardware, thus often getting confused. Although I did think about writing something about this key differentiation, it would probably not be a book but a white paper instead.
Business is all about overcoming obstacles and creating opportunities for growth. What do you see as THE real challenge right now?
Naaz Scheik: Business development is my biggest challenge right now. Marketing, Sales, Lead Generation, PR, Branding, etc. To be brutally honest, we grew through word of mouth, and I didn’t take business development too seriously; it was only recently in 2018 when I finally started to grow this department. Thankfully, we are at a comfortable spot to make bigger strides in this field.
In your experience, what tends to be the most underestimated part of running a company? Can you share an example?
Naaz Scheik: Many entrepreneurs come up with diverse business plans with all sorts of to-do lists and strategies. However, they all underestimate the most important part of that plan, which is how do you plan on getting clients on board? Getting your name out there is key; if you don’t achieve that, you cannot expect results. As I mentioned previously, business development is a critical focus in order to have a head start on that will grow your business quickly and efficiently. Deliverable and strategies can come later, which is what most individuals get wrong.
2020-2023 threw a lot of curve balls into businesses on a global scale. Based on the experience gleaned in the past years, how can businesses thrive in 2024? What lessons have you learned and what advice would you share?
Naaz Scheik: The last couple of years have been tricky for businesses all over the world, but they also brought along very useful lessons toward their success in 2024. For a business to succeed, it needs to be flexible and resilient, underpinned by robust technological infrastructure. At SoftPak, we were able to manage market changes because of our agility and our structure. We continue to invest in digital transformation and maintain good communication with employees and clients. As SoftPak looks into the power of AI, Genetic Algorithms, and Big Data for our future offerings, we also continue to focus on employee well-being. As mentioned before ‘Quiet Quitting’ demonstrated that having a supportive workplace environment gives organizations the chance to grow.
On a lighter note, if you had the ability to pick any business superpower, what would it be and how would you put it into practice?
Naaz Scheik: It would be handy to have the superpower to see the future. What’s going to come next and how will it impact what happens today? So, foresight, or some form of time travel would really be helpful in the business environment. As a CEO, I believe it is incredibly important to note that we always must pretend that we sort of have that superpower, anticipating where the market will go and ensuring others follow are the hallmarks of a good leader.
What does “success” in 2024 mean to you? It could be on a personal or business level, please share your vision
Naaz Scheik: The biggest factor for success for me is the utilization of artificial intelligence (AI), or Genetic Algorithms into one of my products. I’ve been giving it a lot of thought about this for a while, and slowly trying to integrate these two tools within the next few quarters would be hugely successful not only for SoftPak but personally as well, due to my passion for these subjects.
