BlackRock launches eFront Provider tech solution
BlackRock has created and launched eFront Provider, a newly integrated tech feature that enables real-time monitoring of private markets investor, fund and investment data.
Financial service provider Apex Group has been onboarded as the first eFront Provider client. The eFront Provider product establishes an interconnected, two-way data flow between Apex and its private markets clients.
eFront Provider adds to the asset manager’s widely used fund administration, investor servicing and data management capabilities for private markets asset servicers.
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Asset managers and asset servicers have faced technology and data challenges when collaborating across different participants within the private markets ecosystem.
Legacy private markets systems are often characterised by manual processes, which can lead to inefficiencies and delays when exchanging information.
With more than $3.1trn (£2.4trn) assets, Apex was looking for a solution that advanced client collaboration and data sharing, giving its asset manager clients direct access to its data.
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BlackRock has been expanding its tech capabilities in private markets, having acquired private markets data provider Preqin for £2.55bn in July.
The firm said that it would combine Preqin’s data and research tools with its in-house investment technology, Aladdin, to create a private markets technology and data provider.
“Within private markets, access to streamlined shared workflows based on a consistent data set is a key challenge for asset servicers and asset managers,” said BlackRock global head of Aladdin client business Tarek Chouman. “With eFront Provider, we are helping asset servicers navigate the complexities—and empowering them to scale, reduce operational risk, and collaborate seamlessly with their general partner clients.”
“Through this great offering, clients will have enhanced access to data between private market fund stakeholders and can use technology to unlock scale and improve service levels,” said Apex chief executive Peter Hughes. “We look forward to continuing our relationship with BlackRock – furthering innovation together.”
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