State Street Leverages Machine Learning to Streamline Private Markets Processing & Document Management Through Partnership wi...
June 22 2021 - 8:30AM
Business Wire
Firm continues to invest in advanced technology solutions to
extend its capabilities and deliver solutions to meet client
needs
State Street Corporation today announced it will implement a
cloud-based, machine learning technology to transform private
markets processing and document management. Through State Street’s
partnership with Canoe Intelligence (“Canoe”), allocators and
managers in the private markets sector will have an integrated
experience where traditionally onerous and manual alternative
investment workflows will be automated and streamlined, reducing
processing time and delivering important information to clients
sooner.
Canoe’s open application programming interface (API) will
integrate with State Street’s technology ecosystem, creating a more
cohesive client experience for the processing of all alternative
investment data across clients’ complex portfolios. This technology
helps identify unique patterns as documents are processed that are
created from shared intelligence, resulting in faster and improved
recognition and ingestion rates for clients.
“State Street prioritizes making investments in the solutions
that will allow our clients to focus their time and attention on
their core competencies, such as alpha generation,” said Jennifer
Tribush, global head of alternatives product solutions for State
Street. “With Canoe’s focus on alternative investments, we are able
to further digitize our reporting capabilities for both general
partners and limited partners.”
Within seconds of implementation, unstructured data can be
turned into accessible outputs, while clients benefit from a new,
reliable infrastructure for the private markets. Not only does this
save significant time and allow clients to make informed decisions
faster, it also helps free up the time of asset managers, allowing
them to focus on the business-critical tasks that require more
thought.
“An overarching goal at State Street is to simplify our own
processes and improve our technology so we can better enable our
clients to focus on harnessing key data that will enhance their
portfolio performance and optimize their own operations,” said Dax
Johnson, global head of asset owner product at State Street. “We
believe our partnership with Canoe will automate critical workflows
and provide our clients with more timely access to information to
make investment decisions.”
“We understand the difficulties those in the financial services
industry face in dealing with a plethora of documents and onerous
processes,” said Jason Eiswerth, CEO of Canoe Intelligence.
“Canoe’s technology provides firms and managers more time to focus
on other critical tasks, and we look forward to working with State
Street to continue transforming the private capital markets.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $40.3 trillion in assets
under custody and/or administration and $3.6 trillion* in assets
under management as of March 31, 2021, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of March 31, 2021 includes
approximately $60 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
About Canoe Intelligence
Canoe Intelligence is a first-of-its-kind technology that allows
allocators to unlock their data. Canoe reimagines operational
workflows and enables clients to transform their processes in order
to eliminate manual data entry. By combining industry expertise
with the most sophisticated data capture technologies, Canoe
automates the digitization of PDF reporting documents into
actionable data and intelligence for institutional investors,
allocators, and asset servicing firms. With Canoe, clients refocus
capital and human resources on business performance and growth.
Canoe’s AI-driven platform was developed in 2013 for Portage
Partners LLC, a private investment firm, and is relied upon by
hundreds of institutional investors, service providers, family
offices, and allocators.
www.canoeintelligence.com
Expiration Date: June 22, 2022
3622716.1.1.GBL.RTL
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210622005654/en/
Media Contacts: State Street Brendan Paul
bpaul2@statestreet.com +1-401-644-9182 Canoe Intelligence
Betsy Miller bdaitch@canoeintelligence.com +1-443-690-6200
State Street (NYSE:STT)
Historical Stock Chart
From Mar 2024 to Apr 2024
State Street (NYSE:STT)
Historical Stock Chart
From Apr 2023 to Apr 2024