American asset manager BlackRock has teamed up with Snowflake to connect its Aladdin risk management platform with Snowflake’s Data Cloud.
Under the tie-up, Blackrock will roll out Aladdin Data Cloud solution for investment managers, powered by Snowflake.
Leveraging Aladdin Data Cloud, the aim is to bring Aladdin and non-Aladdin data together and enable developers to build on top of it using Aladdin Studio.
The solution is an evolution of its Aladdin Data Warehouse solution and among its new capabilities that Aladdin plans to launch this year as part of Aladdin Studio.
It has been developed to operate on all major cloud providers, and uses sophisticated cloud security and data governance capabilities.
The ultimate aim of the new offering is to remove data silos in the industry.
BlackRock will serve as a founding partner in Snowflake’s “Powered by Snowflake” programme and the pair will work together to make data more accessible and actionable.
Snowflake CEO Frank Slootman said: “With Aladdin as a strategic part of Snowflake Data Cloud, 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.”
Through Aladdin Data Cloud, users can expand the utilisation of data across their organisation thereby boosting efficiency in operations, noted the asset manager.
Each client of the offering will get an independent, centrally-managed data store pre-loaded with front-to-back Aladdin data sets that can be supplemented with proprietary and other third-party data sources.
BlackRock COO Rob Goldstein said: “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.
“Today, each client is able to customise on top of Aladdin and with their instance of Aladdin Studio and the Aladdin Data Cloud, they will have more powerful tools than ever at their disposal.”
BlackRock’s Aladdin developments
In April 2020, BlackRock partnered with Microsoft to host Aladdin on the Microsoft Azure cloud platform.
Microsoft Azure is said to offer greater computing scale to improve the innovation capabilities of the Aladdin platform.
Last year, various firms including BNP Paribas Securities Services, Northern Trust, and HSBC tapped the Aladdin platform.