Fidelity International has teamed up with FinTech firm FINBOURNE, HSBC Securities Services and hedge fund Altana Wealth to design a new cloud-based investment management platform.
The four organisations will collaborate to design a shared, cloud-based data utility that aims to reduce operating cost and improve the quality of information for in-house and client use.
The platform, named LUSID, is aimed at replacing existing in-house software and hardware, and achieve advanced standards of data handling for institutional clients.
“FINBOURNE is building a platform from the ground-up based on collective experience which allows us to approach data challenges in a novel way,” said Yugo Ashida, director, architecture, at Fidelity International.
“Being a member of the LUSID Design Council gives us the flexibility to test different technology, apply new thinking and put in place the foundations to reimagine our current architecture.”
Industry bodies and regulators alike have been encouraging asset managers to collaborate more with FinTech firms to optimise processes and increase efficiency through new and emerging technologies.
Both the Financial Conduct Authority (FCA) and the Investment Association have announced new innovation hubs and accelerator programs, designed to boost technology innovation and adoption by buy-side firms.