A next-generation data storage is set to launch, in partnership between BlackRock and Snowflake, featuring a cutting-edge investment management storage of the Aladdin platform.
BlackRock brings about a more advanced data storage solution for investment managers, powered by Snowflake platform. This will serve as a solution to enable companies to customize and make use of powerful tools for increasing operational efficiency.
What clients can get from this service is independent and centrally-managed data stored in Aladdin data sets, allowing for easy access to critical information on a single cloud platform.
Under the agreement, BlackRock Aladdin Data Cloud will be powered by Snowflake, combining the Aladdin Studio and Snowflake’s operating systems for wealth management. In addition, the platform also includes tools like accounting, risk management, and sustainable investing.
“Aladdin has been on a journey for three decades to put data at the heart of the investment process. We’re excited to be working with Snowflake’s innovative technology as we enter the next phase of that journey,” said BlackRock COO Rob Goldstein.
Eliminate Data Silos
Data storage upgrade aims to meet the increasing demand of Aladdin clients in terms of eliminating data silos and evolving the investment management community. The main goal is to make datasets accessible for all clients and to allow actionable decisions based on the company data.
Doing so makes governing data easier, hassle-free, and more unified, for a secure data storage environment.
BlackRock CEO Frank Slootman said, “Our goal is to create a new industry standard in financial services for accessing, governing, and acting on data in a unified and secure data environment.”
Since managing money has always been an information processing exercise, the risk of exploiting and leaking data is prominent. Threat actors are increasing in number, with more sophisticated tools and systems to break into investment management companies and financial institutions.
With an innovative Aladdin Data Cloud, data is secure, and only authorized parties have access to the datasets. The company even states that about 100 of its users utilize Aladdin for end-to-end encryption to its systems, as well as risk management.
Apart from the Aladdin technology, what’s interesting is Snowflake’s data platform, enabling clients to bring in their own datasets, curate, or mix third-party sources.
“More and more people can trade portfolios and write Python code. The aim is to enable users to assemble and build services together,” said Snowflake finance strategy head Matt Glickman.