Sionic Director Mike Prior writes:
Service providers are moving their asset management data services into the cloud and looking to unlock the value in the data they consume and manage for their clients. Their clients need the data to be reliable, accessible, and useable to support both core processes and the needs of the ‘citizen developer’. Companies are backing it with Blackrock, Statestreet, S&P, FactSet and more providing new solutions ‘powered by Snowflake’.
Many providers are choosing to power their data offerings with Snowflake as it is cloud agnostic and allow the providers to host services in their own preferred cloud partner but also be highly interoperable with other cloud providers and the asset managers’ own data solutions, powered by Snowflake.
Snowflake has become a widely adopted solution across many industries and not just asset management or financial services and allows highly scalable solutions that meet the need to quickly access and utilise ever increasing volumes of data.
Asset managers can choose to buy a complete cloud data service from their provider, ‘powered by Snowflake’ and gain access to their data, curated, standardised and accessible. The data can be used to support standard processes such as client reporting as well as enable the ‘citizen developer’ in the front office to experiment with the data in tools such as Python and R or build their own small applications, without the need to operate multiple replica databases and data silos.
The data accessed can be further extended using Snowflake’s data marketplace and data sharing capabilities without the need to ingest, transform and replicate data. Market data providers such as Factset and S&P are also becoming powered by Snowflake, and making their data available in Snowflake.
Aladdin Data Warehouse and Data Cloud
Blackrock as a founding partner of Snowflake is moving their Aladdin Data Warehouse to Aladdin Data Cloud, powered by Snowflake, making the Aladdin data universe open and accessible to their clients and are working in conjunction with some service providers to extend the scope of ‘Aladdinised’ data to encompass other investment related data, such as ABOR.
This is presenting a range of new and possibly costly decisions for asset managers looking to control the avalanche of data and drive efficiency and value from their data. Asset managers can power their own data with Snowflake, buy the complete solution from their existing service provider, adopt the Aladdin Data Cloud and ‘Aladdinise’ their other data or construct a combination of the above. The promise of Snowflake’s cloud agnostic platform is that the services can be connected and ‘share’ the data finally moving them away from file exchanges, transfers, transformations, reconciliations, and replication.
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