SimCorp, a provider of investment management solutions, has taken a stake in Alkymi – a start-up that makes data instantly actionable through machine learning.

The deal is aimed at enabling institutional investors to address key data challenges such as gaining insights from unstructured data.

Financial details about the deal were not divulged.

Headquartered in New York, Alkymi offers a Data Inbox for enterprises that supports automatic extraction of data across enterprise workflows, thereby offering valuable insights.

Under the agreement, Alkymi’s offering will be integrated into SimCorp Dimension – the front-to-back investment management platform of SimCorp.

Benefits of the partnership

SimCorp believes that the integration will offer a host of benefits.

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These benefits include the elimination of manual collection and processing of unstructured documents, and enhancement of data visibility.

The integration is also said to improve understanding of portfolio risk, enable better decision-making in the front office, and faster reporting in the back office.

It is also said to remove outsourcing requirements.

In the context of the alliance, SimCorp cited a 2019 InvestOps survey that found data collection and efficient unstructured data processing as the top two impediments faced by investment firms when supporting alternatives.

SimCorp Alternative Investments product portfolio manager Hugues Chabanis said: “To date, the lack of Straight Through-Processing (STP) for alternatives has either resulted in investment firms putting in significant operational effort or reluctantly going down the path of outsourcing, as a workaround.

“The initiative with Alkymi responds with an independent solution that both delivers the automation necessary for operational success and empowers control and governance over the data that ultimately forms a valuable analytical tool in alpha generation.”

Last month, GAM said that it will consolidate its external front and middle office systems using the SimCorp platform.