SS&C Bolsters Alternatives Data Aggregation for Wealth Managers

Rhea-AI Summary

SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) has announced the broad rollout of SS&C Accord, an AI-enabled service designed to help wealth managers aggregate and validate their customers' alternative investment data. This service leverages SS&C's expertise in wealth management and alternative investment fund administration to provide a single source of clean alternatives data for wealth managers.

SS&C Accord offers an end-to-end service managed by a dedicated account team, utilizing intelligent automation and human experts to monitor, retrieve, and process alternative investment data. The service aims to address the challenges of alternative investment data collection and reconciliation, which often lack consistent reporting standards.

Choreo, an independent financial planning firm, has already benefited from SS&C Accord in consolidating client accounts after a major acquisition. The service is designed for wealth managers, Registered Investment Advisors, pension funds, endowments, and family offices, offering a comprehensive control panel for viewing clients' alternative investments data.

Positive

• Launch of SS&C Accord, an AI-enabled service for alternative investment data aggregation
• Leverages SS&C's expertise in wealth management and alternative investment fund administration
• Addresses a major pain point in the industry: lack of consistent reporting standards for alternative investments
• Offers end-to-end service with intelligent automation and human expert review
• Integrates data across SS&C ecosystem and third-party reporting systems

Negative

• None.

WINDSOR, Conn., Oct. 1, 2024 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced the broad rollout of SS&C Accord, an AI-enabled service to help wealth managers aggregate and validate their customers' alternative investment data. Powered by proprietary technology, SS&C Accord leverages SS&C's wealth management and alternative investment fund administration expertise to help advisors aggregate and process siloed data across their investors' portfolios.

SS&C Accord delivers a single source of clean alternatives data to wealth managers.

Choreo, an independent financial planning and investment advisory services firm, sought to consolidate its client accounts on a single platform after acquiring the affiliated wealth management business of BDO USA last year. "The BDO USA acquisition added more than $8 billion in assets under advisement to our business, much of it in alternative investments," said Matt Bankston, Managing Director, Platform and Innovation at Choreo. "We needed a way to aggregate alternatives data to be able to provide clients with a holistic view of their traditional and private investments. SS&C Accord helped us expand our reporting to our clients and provide them with an all-encompassing view of their assets."

SS&C Accord is an end-to-end service managed by a dedicated account team. Using a combination of intelligent automation and hands-on human experts, the team:

• Leverages digital workers for monitoring and retrieval of end clients' alternative investments relevant correspondence
• Uses natural language processing and large language models to extract relevant data points for further processing
• Reviews document aggregation and data extractions for completeness and accuracy
• Processes data to downstream systems for seamless reporting.

Wealth managers, Registered Investment Advisors, pension funds, endowments and family offices can view their clients' alternative investments data on a comprehensive control panel. The data is systematically integrated across the entire SS&C ecosystem, including the SS&C Black Diamond Wealth Platform. This service also delivers the reviewed data to third-party reporting systems.

"Alternative investment data collection and reconciliation is a major pain point due to a lack of consistent reporting standards. Wealth managers often find it challenging and costly to manage the operational aspects of collecting, processing and integrating alternative investment data into their reporting systems," said Steve Leivent, Co-Head of SS&C Wealth & Investment Technologies. "SS&C Accord aims to take over this process as an extension of their team, delivering timely analytics needed for advisors to provide data-driven holistic portfolio decisions."

"As a leader in alternatives fund administration, SS&C has more than 35 years of experience finding, collecting, reconciling and making sense of critical investment data," said Bhagesh Malde, Global Head of SS&C GlobeOp. "With a combination of intelligent automation, proprietary technology and deep alternatives expertise, SS&C Accord delivers a single source of clean alternatives data. By outsourcing alternatives data aggregation to SS&C, wealth managers can eliminate the need for multiple systems and resources, quickly scale their growing alternatives business, and focus on delivering results."

About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com. Follow SS&C on Twitter, Linkedin and Facebook.

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SOURCE SS&C

FAQ

What is SS&C Accord and how does it benefit wealth managers?

SS&C Accord is an AI-enabled service that helps wealth managers aggregate and validate their customers' alternative investment data. It provides a single source of clean alternatives data, addressing the challenges of data collection and reconciliation in alternative investments, which often lack consistent reporting standards.

How does SS&C Accord process alternative investment data?

SS&C Accord uses a combination of intelligent automation and human experts to monitor and retrieve relevant correspondence, extract data points using natural language processing and large language models, review for completeness and accuracy, and process data for seamless reporting.

Which types of financial institutions can benefit from SS&C Accord (SSNC)?

SS&C Accord is designed for wealth managers, Registered Investment Advisors, pension funds, endowments, and family offices. It helps these institutions view their clients' alternative investments data on a comprehensive control panel and integrate the data across reporting systems.

How has Choreo utilized SS&C Accord in their business operations?

Choreo, an independent financial planning firm, used SS&C Accord to consolidate client accounts after acquiring BDO USA's wealth management business. The service helped Choreo aggregate alternatives data and provide clients with a holistic view of their traditional and private investments.