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State Street to Implement Machine Learning: Tech Roundup

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What You Need to Know

  • Meanwhile, CI Financial led a funding round for a fintech firm.
  • Compliance and risk management specialist Foreside Financial Group acquires Hardin Compliance Consulting.
  • Refinitiv launches an Active Investor solution for wealth managers and their clients.

State Street plans to implement a cloud-based, machine learning technology that it said is designed to “transform private markets processing and document management.”

Through State Street’s partnership with Canoe Intelligence, allocators and managers in the private markets sector will be provided with 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,” the companies said Tuesday in a joint announcement.

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,” the firms said.

The 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,” they said.

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

CI Financial Leads New Funding Round for Fintech Firm D1g1t

D1g1t has closed on a new fundraising round worth 16 million Canadian dollars (about $13 million) for its digital wealth management platform that was led by returning investor CI Financial.

The round also included two new institutional investors: National Bank of Canada’s corporate venture capital arm NAventures and U.S.-based fintech venture capital firm MissionOG. Most other existing d1g1t investors also participated in the round, including Purpose Financial, Illuminate Financial and d1g1t’s angel investors.

The new funding will be used by d1g1t to “expand the capabilities of its platform, advance product innovation, scale operations and add to its sales and marketing teams — all with an eye toward supporting its continued growth and cementing its presence in the U.S. wealth management market,” it said Thursday.

The company “continues to experience explosive growth,” it said, noting that, “despite a global pandemic, d1g1t doubled revenue and grew its headcount by over 50% in 2020.”

Foreside Buys Hardin Compliance

Compliance and risk management specialist Foreside Financial Group acquired Hardin Compliance Consulting.

Foreside will add all of Hardin’s 30-plus employees to its ranks as part of the transaction, Foreside said Tuesday. Financial terms were not disclosed.

The transaction marked Foreside’s eighth acquisition since 2019. Foreside, which is majority-owned by private equity firm Lovell Minnick Partners, previously acquired Golden Bear Consulting Group earlier this month, JG Advisory Services in March, Capital Markets Compliance in January, ICSGroup in November, Quasar Distributors (U.S. Bancorp’s mutual fund and exchange-traded funds distribution business) in March 2020, Compliance Advisory Services in October 2019 and NCS Regulatory Compliance in January 2019.

Refinitiv Active Investor Launches

Refinitiv launched an Active Investor solution for wealth managers and their clients, it said Wednesday.

Active Investor provides advanced technology and a fully customizable look and feel that Refinitiv said helps wealth management firms to optimize their brand identity, while providing self-directed investors seeking a more comprehensive trading platform with the flexibility to “seamlessly invest their way.”

The wealth management sector is rapidly transforming, resulting in the need to significantly improve the client experience. That has led to a new generation of active investors with an “urgent need for leading-edge tools and reliable data to help them manage their portfolios,” the company said.

Active Investor “addresses this challenge by offering features that are built with HTML5 technology to allow for a responsive design and seamless integration into one’s current experiences and apps.” The solution offers users enhanced flexibility, streaming content, advanced charting and analytics tools, and a “plug and play” variety of components, data and functionality, Refinitiv said.

The new offering can also integrate into the wealth firm’s existing order management system for efficient trade execution, it noted.

New Insurtech Hub Launches

Financial Independence Group and fintech SIMON Markets launched a new platform that the companies said Tuesday allows wealth managers to view, analyze and manage structured investments alongside fixed and registered insurance products.

The new platform “seamlessly integrates FIG’s national distribution capabilities for fixed index annuity, fixed annuity, life insurance, care planning, and disability income solutions with SIMON’s end-to-end digital suite of tools for structured investments and annuities,” the firms said in a joint announcement.

Independent advisors and broker-dealers can access a variety of tools and resources that include education, product selection, analytics and lifecycle management for better product understanding and comprehensive client servicing, they said.

GeoWealth and Global X ‘Deepen’ Their Pact

ETF provider Global X has seen more than 350% compound annual growth in its exchange-traded fund model portfolios available on the GeoWealth turnkey asset management platform (TAMP) for RIAs over the past two and a half years, according to the companies.

The partnership has been a major component in Global X’s delivery of ETF model portfolios to the U.S. RIA sector and helped the company expand the adoption of its models, developed and maintained by  Jon Maier, its chief investment officer, the firms said in a joint announcement on Wednesday.

The companies “deepened their relationship to provide RIAs access to a wide range of investment strategies aimed at achieving growth and income objectives for clients,” they said. The ETFs are available within the GeoWealth Advisor Portal. Advisors are able to allocate to, report on and view key statistics on Global X’s ETF model portfolios, all within a user-friendly platform, the companies said.

GeoWealth now has $15 billion in platform assets and “north of” $6 billion in AUM, it said.


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