Data cloud company Snowflake has implemented an investment data management, reconciliation, and reporting solution from Clearwater Analytics, a global software as a service solutions provider.
Snowflake selected Clearwater in April 2020, ahead of its September initial public offering (IPO). As part of its standard implementation, Clearwater established automated data connections to Snowflake’s custody banks and investment managers.
The investment data is consolidated daily and reconciled for accuracy via the solution’s security master data and other third-party indices.
Clearwater explains this daily reconciliation and validation facilitates a variety of reporting and analytics functions across Snowflake’s portfolio.
Snowflake’s senior treasury manager David Steffa says: “We were a private company with a couple investment managers and we knew that post-IPO, our approach would need to be much more sophisticated.”
“With Clearwater at the center of our investment operations process, we now easily monitor the outcomes of our four asset managers with the same small treasury team. We’ve grown extraordinarily fast and Clearwater has been instrumental in our ability to do so.”
Scott Erickson, chief operating officer at Clearwater, comments: “We’ve helped many companies on the road to IPO and we’re glad Snowflake chose the right time to bring us on board.”
Erickson adds: “It’s at this time in a company’s journey from private to public that a given investment portfolio, such as Snowflake’s, becomes far more complex than it once was. In this way, our partnership with them is exemplary as we engaged early to get the essential automation in place.”
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