State Street has launched a new data platform for its front-to-back offering, Alpha, tapping investment information from third-parties and internal sources to deliver an enhanced data management service to buy-side firms.
The end-to-end data management and warehouse solution for institutional investors and wealth managers aims to address the critical aspect of delivering front–office data in near real-time.
The platform incorporates data catalogue and visualisation capabilities, which it believes will result in higher quality data, while reducing cost and accelerating decision making.
“Data is at the heart of Alpha, our front-to-back platform, and 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,” said John Plansky, global head of State Street Alpha. “They need new, innovative tools to manage and interpret this data at scale.”
The investment bank teamed up with data platform Snowflake and Microsoft Azure to launch the cloud-native solution.
State Street added that the interoperable Alpha Data Platform will also serve as the foundation for the next stage of development for its new solutions for cash and position management and performance measurement.
Alpha leverages the product and engineering capabilities of Charles River Development, which it acquired in July 2018 for $2.6 billion. State Street shifted the flagship Charles River Investment Management Solution (IMS) platform to Microsoft Azure cloud earlier this year.
“Through partnering with industry innovators such as Snowflake and Microsoft Azure, our platform provides investment managers with access to our trusted data from across Alpha as well as broad spectrum of data in the Snowflake Data Marketplace,” said Spiros Giannaros, CEO, Charles River Development. “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.”