SimCorp has launched a new machine learning initiative with New York start-up Alkymi, to address the current “strain and costly challenge” of processing unstructured data for alternative assets.
The new initiative, according to SimCorp, aims to cut down the time and cost of alternatives investments operations, while also bringing clients vital control and governance over their data.
The development will also look to bring operational efficiencies across the different asset classes going forward.
The launch comes as institutional investors raise a number of data concerns, including the ability to quickly extract insights from unstructured data, for faster, more informed decision-making.
Founded in 2017, Alkymi’s Data Inbox is a machine learning-based platform, which is set to automatically extract data across enterprise workflows, allowing firms to create “valuable insights” instead of “arduous data processing”.
The initiative will incorporate Alkymi’s product into SimCorp’s cross-asset, front-to-back platform, SimCorp Dimension.
According to SimCorp, it will address limitations across the different asset classes to offer timely and complete solutions, starting with alternatives, where a lack of both automation and efficiency are currently shackling growing allocations of Limited Partners.
Harald Collet, CEO at Alkymi, commented: “The partnership enables SimCorp clients to focus on higher-value business priorities instead of spending time processing data and repetitive data entry tasks. SimCorp is an ideal long-term partner for Alkymi – a global industry leader with a track-record of focusing on customer value, end-to-end workflows, and innovation enabled by best-in-class software engineering.”
Johan Rosengreen-Kringel, senior vice president of group strategy at SimCorp, added: “Our partnership and investment in Alkymi, reinforces our commitment to the open platform transformation we have set out on.”
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