British insurer Prudential will use BlackRock’s Aladdin platform for its asset management businesses.
Prudential, which owns M&G investments, Eastpring Investments, the Prudential Portfolio Management Group (PPMG) and US asset manager PPM America, will use the platform to simplify reporting systems and assist them in trading and data management.
Prudential collectively holds £562 billion in assets under management through the businesses.
“We are using the Group’s scale to invest in technology such as Aladdin which will make our asset managers more efficient and broaden their capabilities. The platform will help them to implement a simplified operating infrastructure, help to foster innovation and encourage further growth,” said Mike Wells, group CEO, Prudential.
BlackRock’s Aladdin platform is used by asset managers for global risk and portfolio management. Over the years it has become the cornerstone to BlackRock’s business and one of the industry’s most-used middle-office systems.
Earlier this year, JP Morgan said it would connect to the platform as it looks to link up directly with its other custody clients.