State Street has partnered with Canoe Intelligence to implement a cloud-based, machine learning technology to overhaul private markets processing and document management.

The partnership aims to offer an integrated experience to allocators and managers by streamlining and automating traditionally onerous and manual alternative investment workflows.

The partners intends to cut down processing time and deliver vital information to clients in less time.

Canoe’s open API will be integrated with State Street’s technology ecosystem to enhance client experience for the processing of all alternative investment data across their complex portfolios.

State Street global head of alternatives product solutions Jennifer Tribush said: “State Street prioritises making investments in the solutions that will allow our clients to focus their time and attention on their core competencies, such as alpha generation.

“With Canoe’s focus on alternative investments, we are able to further digitise our reporting capabilities for both general partners and limited partners.”

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Canoe’s technology is said to be designed to turn unstructured data into accessible outputs, enabling clients to save time and make informed decisions faster.

In addition, it will also help asset managers free up the time by enabling them to focus on the business-critical tasks.

Canoe Intelligence CEO Jason Eiswerth said: “Canoe’s technology provides firms and managers more time to focus on other critical tasks, and we look forward to working with State Street to continue transforming the private capital markets.”

Earlier this month, State Street launched a digital finance division to meet evolving requirements of its customers.