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.
Read More: DeFi Platform OIN Finance Integrates With Frontier and Introduces FRONT to OINDAO
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.
HUB’s “data-first approach” will break down silos and friction between systems and data. This greenfield solution will utilize the latest cloud-based data technology and security to transform middle and back office operating processes, reducing costs associated with supporting numerous legacy systems and improving efficiencies by connecting to third parties.
Read More: GlobalFintechSeries Interview with Carey O’Connor Kolaja, Chief Executive Officer at AU10TIX
Emmanuel Roman, CEO of PIMCO, said “Through this partnership, HUB will combine modern technology and infrastructure to streamline our middle and back office functions and feed data to every part of our business including distribution and analytics. This technology platform forms a core component of our broader strategy which combines technology with portfolio management and client service excellence to provide investors with investment solutions.”
Luke Ellis, CEO of Man Group, added “Man Group has invested heavily in developing our own proprietary technology infrastructure for many years now. Collaborating on this initiative with such great partners has allowed us to leverage our expertise with a view to helping transform the asset management industry’s operational architecture, which ultimately allows for better servicing of clients’ needs.”
Lance Uggla, Chairman and CEO of IHS Markit, commented “HUB represents a fantastic opportunity for the asset management industry to reimagine its operating model. With a greenfield approach to developing the platform, HUB will address many of the operational challenges facing asset managers today. We are excited to be part of this transformative joint venture that brings together the insights of our partners with IHS Markit’s commitment to enabling the success of the industry.”
Read More: 2021 – The Year that Financial Institutions Conquer 2020’s Trial by Fire
