State Street has tapped into the growing demand for investment data analytics with a new service targeting the institutional market.
The State Street AlphaSM Data Platform allows “clients to seamlessly assemble and access investment data spanning internal and third-party services across their investment processes”, the group says in a release.
“It provides access to front office data in near real-time, and incorporates data catalog and visualization capabilities that result in higher quality data, while reducing cost and accelerating decision making,” State Street says.
Produced by State Street subsidiary, Charles River Development, Alpha hooks up with a range of other data providers including the recently listed Snowflake and the Microsoft Azure platform.
Spiros Giannaros, Charles River Development chief, said in a statement: “This combination allows clients to uncover unique data insights and opens up a whole new way to accelerate speed to market that previously didn’t exist.”
State Street bought Charles River, a long-established investment management software business, in 2018 for about US$2.6 billion. In total, about US$30 trillion of client assets flows through Charles River systems across 30 countries – including NZ where the group counts Milford Asset Management among its customers.
John Plansky, global head of State Street Alpha, said “we are committed to providing the leading data platform within the investment management industry”.
“Institutional investors and wealth managers today are challenged by the depth and breadth of data available to them,” Plansky said. “They need new, innovative tools to manage and interpret this data at scale.”
The State Street-owned platform will add “cash and position management and performance measurement” capabilities in the next phase of development, the release says.
Meanwhile, the UK-headquartered financial desktop specialist Glue42 has emerged as a key software partner in the just-released upgrade to the wealth management system of Auckland firm, Chelmer.
As reported in November, Chelmer – which includes Craigs Investment Partners as a key client – has released a new version of its wealth management software under the Myriad label.
Myriad features ‘micro UI (user interface)’ services that allow clients to configure multiple applications in a single system, Chelmer chief innovation officer, Andy Robertson, said.
In a release last week, Robertson said using Glue42 “as a technology partner has enabled us to rebuild our core infrastructure and UI services so we can significantly reduce advisors’ screen real estate so they can manage their customers’ wealth more effectively and in less time”.
James Wooster, Clue42 chief operating officer, said most wealth management firms would rate their desktop systems at “two to three marks out of ten for their performance and ease of use”.
“By embedding Glue42 Core into Chelmer’s Myriad, we’re giving their clients an unfair advantage when it comes to integrating other applications – not just Chelmer’s – further improving the overall experience,” Wooster said.
Glue42 is the core product of the Tick42, a company established in 2012 in London, now with offices also in the US and Bulgaria.