State Street Uses Machine Learning For Private Markets

State Street Corporation announced it will implement a cloud-based, machine learning technology to transform private markets processing and document management. Through State Street’s partnership with Canoe Intelligence (“Canoe”), allocators and managers in the private markets sector will have an integrated experience where traditionally onerous and manual alternative investment workflows will be automated and streamlined, reducing processing time and delivering important information to clients sooner.

Canoe’s open application programming interface (API) will integrate with State Street’s technology ecosystem, creating a more cohesive client experience for the processing of all alternative investment data across clients’ complex portfolios. This technology helps identify unique patterns as documents are processed that are created from shared intelligence, resulting in faster and improved recognition and ingestion rates for clients.

“State Street prioritizes making investments in the solutions that will allow our clients to focus their time and attention on their core competencies, such as alpha generation,” said Jennifer Tribush, global head of alternatives product solutions for State Street. “With Canoe’s focus on alternative investments, we are able to further digitize our reporting capabilities for both general partners and limited partners.”

Within seconds of implementation, unstructured data can be turned into accessible outputs, while clients benefit from a new, reliable infrastructure for the private markets. Not only does this save significant time and allow clients to make informed decisions faster, it also helps free up the time of asset managers, allowing them to focus on the business-critical tasks that require more thought.

“An overarching goal at State Street is to simplify our own processes and improve our technology so we can better enable our clients to focus on harnessing key data that will enhance their portfolio performance and optimize their own operations,” said Dax Johnson, global head of asset owner product at State Street. “We believe our partnership with Canoe will automate critical workflows and provide our clients with more timely access to information to make investment decisions.”

“We understand the difficulties those in the financial services industry face in dealing with a plethora of documents and onerous processes,” said Jason Eiswerth, CEO of Canoe Intelligence. “Canoe’s technology provides firms and managers more time to focus on other critical tasks, and we look forward to working with State Street to continue transforming the private capital markets.”

Source: State Street

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