American investment managers BNY Mellon and BlackRock have struck a partnership to provide integrated data, technology, and asset management servicing capabilities to clients shared by the two firms.
Under the agreement, the data insights, accounting, and servicing tools of BNY Mellon will be integrated into BlackRock’s risk management platform Aladdin.
BNY Mellon CEO of Global Asset Servicing Hani Kablawi said: “For clients who choose both firms, we can provide immediate value across their investment lifecycle and this a meaningful example of our commitment to work with third parties to more closely integrate the front-to-back operating model.”
The combination is said to offer the two parties’ front office, technology, and operations teams “significant and immediate benefits”.
Key among these benefits includes increase in the operational efficiency of Aladdin through closer data integration and shared workflows.
Other pros include improved real-time insights, exception-based monitoring, as well as drill-down functions into core accounting and custody oversight.
The pair will also collaborate in developing new solutions, which will offer clients more insights through the investment lifecycle.
BlackRock COO Rob Goldstein said: “The combination of Aladdin’s capabilities with BNY Mellon’s data and tools will further enable our common clients to access their investment management and servicing capabilities on one platform.”