BlackRock partners with Snowflake to create data cloud
Bloomberg
BlackRock is partnering with Snowflake, a cloud-based data platform provider, to deliver a "next-generation solution for the investment management industry," a joint news release said Monday.
Aladdin Cloud will enable money managers to combine Aladdin and non-Aladdin data on a single cloud-based platform "increasing operational efficiency," the companies said in the release.
BlackRock will add the Aladdin Data Cloud to its Aladdin investment and operations platform and it also will be a "strategic part" of Snowflake's own data cloud, the release said.
Money manager users of Aladdin cloud data will receive an independent, centrally managed data store that includes Aladdin data sets. Managers' data platforms can be expanded with the addition of third-party data sources and their own proprietary data "allowing organizations to access and query their business-critical data on single cloud-based platform," the release said.