State Street Launches Cloud-Native Alpha Data Platform for Institutional and Wealth Managers

Rhea-AI Summary

State Street Corporation (NYSE: STT) has launched the State Street Alpha^SM Data Platform, designed to provide institutional investment and wealth managers with an end-to-end data management solution. This platform allows clients to access investment data from both internal and third-party services in near real-time, enhancing data quality and reducing costs. Collaborating with Snowflake and Microsoft Azure, the platform aims to deliver timely insights while simplifying user experience, ultimately accelerating decision-making in investment processes.

Positive

• Launch of the State Street Alpha Data Platform enhances data management capabilities.
• The platform enables clients to access near real-time investment data, improving decision-making.
• Partnerships with Snowflake and Microsoft Azure provide clients with access to a wider range of trusted data.

Negative

• None.

State Street Corporation (NYSE:STT) today launched its State Street Alpha^SM Data Platform, an end-to-end data management and warehouse solution for institutional investment and wealth managers. The platform enables clients to seamlessly assemble and access investment data spanning internal and third-party services across their investment processes. It provides access to front office data in near real-time, and incorporates data catalog and visualization capabilities that result in higher quality data, while reducing cost and accelerating decision making.

“Data is at the heart of Alpha, our front-to-back platform, and we are committed to providing the leading data platform within the investment management industry. Institutional investors and wealth managers today are challenged by the depth and breadth of data available to them. They need new, innovative tools to manage and interpret this data at scale,” said John Plansky, global head of State Street Alpha.

State Street Alpha leverages the product and engineering capabilities of Charles River Development and State Street supported by global service delivery teams ensuring cross- region business resiliency.

“Through partnering with industry innovators such as Snowflake^® and Microsoft^® Azure, our platform provides investment managers with access to our trusted data from across Alpha as well as broad spectrum of data in the Snowflake^® Data Marketplace,” said Spiros Giannaros, chief executive officer of Charles River Development. “This combination allows clients to uncover unique data insights and opens up a whole new way to accelerate speed to market that previously didn’t exist.”

The Alpha Data Platform connects to data from multiple sources, including Snowflake^® Data Marketplace, to deliver timely insights while simplifying the user experience for both assembling and consuming this information. “State Street’s vast asset management data combined with Snowflake’s Data Cloud comprise a powerful combination of capabilities to streamline the entire investment process and mobilize data in the service of the enterprise,” Snowflake CEO, Frank Slootman said.

The Alpha Data Platform’s open architecture system, enabled by Snowflake and operated by expert data stewards, allows clients to leverage any number of critical capabilities or services within the platform, together with their own systems and preferred partners. The interoperable Alpha Data Platform will also serve as the foundation for the next stage of development for Alpha’s new solutions for cash and position management and performance measurement.

For more information on State Street Alpha, visit https://www.statestreet.com/platform-for-growth.html

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $36.6 trillion in assets under custody and/or administration and $3.1 trillion* in assets under management as of September 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of September 30, 2020 includes approximately $81 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

© 2020 State Street Corporation - All Rights Reserved
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