State Street takes minority stake in aggregator ByAllAccounts

State Street takes minority stake in aggregator ByAllAccounts

State Street has acquired a minority interest in ByAllAccounts, a privately-owned provider of portfolio analysis and account aggregation solutions. Financial terms were not disclosed.

State Street will integrate ByAllAccounts' WebPortfolio product line and advanced data solutions through its wealth manager services business under its Global Advisors arm.

ByAllAccounts' aggregation technology allows account information from multiple financial institutions to be automatically aggregated and analysed for the creation of personalised investment portfolios, within a single, Web-based application.

Under the agreement, ByAllAccounts will continue to operate as an independent company.

"This announcement substantiates the shift we are beginning to see in the account aggregation industry," comments Ariana-Michele Moore, an analyst with Celent Communications. "The market is diverging into retail and wholesale segments where the former enables financial institutions to deliver an account aggregation solution directly to consumers and the latter aggregates information for financial advisors so that they may better assist their high-net-worth clientele."




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