Firms join together to create platform to streamline office operations
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A group of money managers and other market players have teamed up to develop and launch a money management operating platform, aimed at streamlining middle- and back-office operations.
Pacific Investment Management Co. and Man Group are collaborating with financial services firm IHS Markit, custody firm State Street, technology firm Microsoft and management consulting firm McKinsey to form technology-led company HUB.
The company intends to build a cloud-based operating platform, aimed at providing flexible and modular solutions across middle- and back-office functions. The platform will also aim to reduce costs and mitigate risks for money managers.
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Greenfield cloud-based platform built by asset managers for asset managers to transform the industry s operating model
PIMCO, Man Group, IHS Markit, State Street, Microsoft and McKinsey Company today announced the intention to form a new technology-led company, HUB, to build a cloud-based operating platform aimed at transforming asset managers operations technology.
The company selected Microsoft as its technology platform provider to empower HUB to develop its asset management operating platform on Microsoft Azure cloud.
HUB s greenfield platform will be built by asset managers to transform the industry s operating model by providing flexible and modular solutions across middle and back office functions, all while reducing cost and mitigating risks. The platform will accelerate the move to a digital operating model enabling asset managers to deliver innovative solutions to their clients both now and in the future.
Asset managers work with Microsoft to “transform” asset management technology
A group of asset managers including Pimco and State Street are to form a technology company with Microsoft to “transform the industry’s operating model”.
Asset managers Pimco, Man Group and State Street will work with IHS Markit, McKinsey & Company and Microsoft to form Hub, a company that will build a cloud-based asset management operating platform.
The firms selected Microsoft as Hub s technology platform provider and the company – predominantly based in London - will develop the technology on Microsoft’s Azure cloud platform.
Hub is intended to break down walls between different systems and data, the firms said. There will be reductions in the costs associated with the usage of numerous legacy systems in asset management. Also, third-party providers will be used to improve efficiencies, while the platform will span middle and back office functions and mitigate risks.