What You Need to Know
- BlackRock is the world's largest asset manager.
- Snowflake is a publicly traded company that has become a major cloud data player.
- The deal is another sign of the significant role the cloud is playing in the financial sector.
BlackRock has entered into a strategic partnership with the cloud-based data warehousing firm Snowflake to offer a next-generation data solution for the investment management industry.
BlackRock will, later this year, launch Aladdin Data Cloud, a managed data-as-a-service solution for investment managers. The new solution will “expand the utility of data, powered by Snowflake’s platform,” it said Monday.
Aladdin Data Cloud represents an “evolution” of BlackRock’s existing Aladdin Data Warehouse solution and is among a suite of new capabilities that it plans to roll out in 2021 as part of Aladdin Studio, the firm’s platform for developers to customize, create and collaborate on top of their instance of Aladdin, according to BlackRock.
The new solution has been “built to run on all major cloud providers” and “leverages sophisticated cloud security and data governance capabilities,” BlackRock and Snowflake said in a joint announcement.
The Aladdin Data Cloud will also be a strategic part of Snowflake’s Data Cloud and a part of the Aladdin platform. The solution will allow companies to “bring Aladdin and non-Aladdin data together making it easy for users to build on top of it with Aladdin Studio,” the companies said.