Six industry players team up to create a new asset management platform
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Six industry players team up to create a new asset management platform 07 January 2021UK Reporter: Maddie Saghir
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IHS Markit, State Street, PIMCO, Man Group, Microsoft, and McKinsey & Company have teamed up to form a new technology-led company, HUB, to create a new asset management platform.
The participants will build a cloud-based operating platform aimed at transforming asset managers’ operations technology.
Microsoft has been selected as the technology platform provider to empower HUB to develop its asset management operating platform on Microsoft Azure cloud.
HUB’s greenfield platform will be built by asset managers in a bid to transform the industry’s operating model by providing flexible and modular solutions across middle and back-office functions while reducing cost and mitigating risks.
The platform aims to accelerate the move to a digital operating model enabling asset managers to deliver innovative solutions to their clients both now and in the future.
The solution will utilise the latest cloud-based data technology and security to transform middle and back-office operating processes.
It is also set to reduce costs associated with supporting numerous legacy systems and improve efficiencies by connecting to third parties.
Lance Uggla, chairman and CEO of IHS Markit, comments: “HUB represents a fantastic opportunity for the asset management industry to reimagine its operating model. With a greenfield approach to developing the platform, HUB will address many of the operational challenges facing asset managers today.”
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