BlackRock today announces the launch of eFront Provider, designed to enable asset servicers to offer asset managers a modern fund servicing experience, complete with real-time views into their private markets investor, fund and investment data.
eFront Provider complements BlackRock’s widely used fund administration, investor servicing and data management capabilities for private markets asset servicers.
Global financial service provider Apex Group (“Apex”) 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. Through a single solution, Apex provides an expansive range of services to asset managers, financial institutions, private clients, and family offices. With over $3.1tn assets on platform serviced across custody, administration and depositary worldwide, Apex were looking for a solution that advanced client collaboration and data sharing, giving their asset manager clients direct access to their data.
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 a view to solving these challenges, BlackRock has created eFront Provider, an innovative solution to enable asset servicers to collaborate efficiently and effectively, reduce operational risk, and differentiate their service offerings, while giving asset managers better access, transparency, and control over their data.
eFront Provider streamlines processes for Apex by digitizing highly manual tasks, freeing up valuable resources, and allowing users to focus on business growth. By providing a single, integrated view of documents and data, the platform enhances transparency across all parties involved in the fund administration process and improve the end-client experience as they conduct their oversight duty.
Tarek Chouman, BlackRock’s Global Head of Aladdin Client Business said, “Within private markets, access to streamlined shared workflows based on a consistent data set is a key challenge for asset servicers and asset managers. 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.”
eFront is a recognized technology platform for alternative investment management, covering the needs of alternative investment professionals end-to-end, and used by over 850 clients worldwide across all major alternative asset classes. As a part of BlackRock, the eFront® and Aladdin® investment management technology platforms unify public and private asset classes to create a multi-asset technology solution for investment professionals globally.
Peter Hughes, founder and CEO of Apex Group, said: “We are pleased to collaborate with BlackRock on the launch of this product. Their strong track record of delivering for clients mirrors our dedication to ensuring a seamless and continually innovative client experience. 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. We look forward to continuing our relationship with BlackRock – furthering innovation together.”