Leading AMs, data/tech giants team up to launch new operation platform

Europe
On the 01/08/21 at 7:13AM

by

Tuba Raqshan

Pimco, Man Group, IHS Markit, State Street, Microsoft and McKinsey join forces on a new asset management operation platform.
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The asset managers and tech and data service giants teamed up to form a new technology-led company, HUB, which will build a cloud-based operating platform to transform the industry’s operations technology. The company has selected Microsoft as its technology platform provider to develop the operating platform on Microsoft Azure Cloud. The financial terms were not disclosed.

The greenfield platform will be built by asset managers to transform the industry’s operating model by flexible and modular solutions across middle and back office functions, while reducing costs and mitigating risks. The greenfield approach is aimed at addressing the operational challenges facing asset managers today, stated Lance Uggla, chair and CEO of HIS Markit.

The platform will accelerate the movement towards a digital operating model. The ‘data first’ approach will break down the silos and friction between systems and data, said the press release. The latest cloud-based data technology and security aim to upgrade middle and back office operational processes, reduce costs associated with supporting numerous legacy systems and improvefficiency in connecting to third partners. According to Emmanuel Roman, CEO of Pimco, “HUB will combine modern technology and infrastructure to streamline our middle and back office functions and feed data to every part of our business including distribution and analytics.”