Pimco, Man Group and State Street join forces with tech vendors to build new AM operating model
Pimco, Man Group, IHS Markit, State Street, Microsoft and McKinsey have joined forces to create a new technology company for the asset management industry.
The partners says HUB will tackle many of the legacy issues afflicting the asset management industry, long seen as a technological backwater in desperate need of modernisation.
The partners say the greenfield platform will break down silos and friction between systems and data, reducing costs associated with supporting numerous legacy systems and improving efficiencies by connecting to third parties.
Emmanuel Roman, CEO of Pimco, says: “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, adds: “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.”