SS&C Technologies partners with Canoe for streamlining alternative Investment workflows

Source: IBS Intelligence 2020-07-08

Canoe Intelligence, a FinTech provider on a mission to automate and improve alternative investment operations for wealth managers, institutional investors, capital allocators and asset servicing firms has announced that the company has formed a new partnership with SS&C Technologies.

Through the collaboration, SS&C’s Black Diamond Wealth Platform clients can simplify and accelerate their alternative investment operational processes. Canoe Intelligence will also provide integration opportunities for Advent Portfolio Exchange (APX), Axys and Geneva users.

Canoe reimagines operational workflows and enables clients to transform their processes to eliminate manual data entry. Traditionally, data required to track alternative investments are in PDF reports. The partnership allows advisors to leverage Canoe’s technology to automatically convert PDF data into a Black Diamond-compatible format, eliminating manual efforts and substantially reducing the risk of errors.

“Partnering with Canoe Intelligence provides our clients another differentiated way to stay ahead of their competition, and in control of their business growth. By automating the extraction and formatting of alternative investment data, clients can ensure greater accuracy as they focus on building long-lasting client relationships,” said Steve Leivent, Senior Vice President and co-head of SS&C Advent.

Canoe leverages a combination of industry expertise, advanced artificial intelligence (AI) and machine learning (ML) techniques to eliminate the operational inefficiencies associated with alternative investment workflows. It ingests reporting documents from multiple sources and systematically categorizes and saves the documents. It then applies business, accounting and investment rules for data extraction and validate the necessary data elements. The solution then formats the clean and accurate data for import into Black Diamond and other SS&C systems.

AdvicePeriod, a long-time Black Diamond client, has already implemented Canoe’s technology to manage their alternative investment workflow more efficiently.

“Working with SS&C, our focus remains on improving efficiency and helping firms scale. This partnership will empower many investment professionals with the tools and tactics to manage a growing book of alternative investments while optimizing time and resources,” said Michael Muniz, Partner and Chief Revenue Officer of Canoe Intelligence.

Recently, Canoe Intelligence partnered with Hamilton Lane for alternative investment operations.

Founded in 2017, Canoe Intelligence frees clients from the burden of manual investment data management. The firm streamlines investment document management and data extraction, minimising manual data entry into reporting and accounting systems.

SS&C Technologies partners with Canoe for streamlining alternative Investment workflows

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