State Street Corporation (NYSE:STT) today announced the successful implementation of State Street Alpha, its front-end asset servicing platform for institutional investment and wealth managers, with BMO Global Asset Management (BMO GAM).
BMO GAM is a leading Canadian asset manager with an innovative suite of mutual funds, ETFs, alternative funds and other investment products.
BMO GAM began implementing State Street’s Alpha platform just two years ago and is now leveraging Alpha’s extensive end-to-end capabilities across the front, middle and back office, integrating Charles River Development (CRD), custody, registrar and carrier. accounting and a range of complementary services.
“BMO GAM has been a long-term partner of State Street managing our middle and back-office services for many years. By adopting the State Street Alpha solution, we can provide our experienced investment teams with a market-leading end-to-end platform that will benefit the business both now and in the future,” said Bill Bamber, CEO, BMO Global Asset Management. . “Our partnership has enabled us to continue to streamline and modernize our operating model.”
“We are very pleased to have worked with BMO GAM over the past few years and, most recently, on their successful transition to our Alpha platform,” said Rob Baillie, president and CEO of State Street Canada. “Alpha provides our customers with fast, reliable data, analytics and real-time insights, complemented by the platform’s flexibility and open architecture – giving each of our customers their own interoperable platform.”
The combination of State Street and Charles River Development enabled the industry’s first global, interoperable service platform for the front, middle and back office from a single provider, known as State Street Alpha.
State Street Alpha provides its clients with a centralized operating model and technology platform to manage all of their public and private asset investment products powered by Alpha’s cloud-native, enterprise data platform. With State Street Alpha, clients can focus on executing their growth strategy without the drag and constraints of a disaggregated operating model.
“The acquisition of CRD in 2018 was not only an important investment in our company’s future, but also a pivotal moment in State Street’s ability to support our customers in managing their data needs – today’s most important differentiator for our industry,” said John Plansky, head of State Street Alpha. “We are very pleased with the overall growth of the CRD business and look forward to continuing to grow our innovative capabilities on behalf of our customers.”