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Canoe Intelligence and SS&C team to streamline alternative investment workflows

Source: SS&C Technologies

Canoe Intelligence ("Canoe"), a financial technology company focused on improving alternative investment operations for wealth managers, institutional investors, capital allocators and asset servicing firms, today announced a new partnership with SS&C Technologies.

This partnership enables SS&C’s Black Diamond® Wealth Platform clients to simplify and accelerate their alternative investment operational processes. Canoe will also provide integration opportunities for Advent Portfolio Exchange (APX), Axys and Geneva users.

The data required to track alternative investments is usually locked in PDF reports. Typically, wealth managers and institutional investors manually extract relevant data points from reporting documents, then feed the data into Black Diamond. With this partnership, advisors can leverage Canoe’s technology to automatically convert PDF data into a Black Diamond-compatible format, eliminating time-consuming manual efforts and substantially reducing the risk of errors.

“Partnering with Canoe Intelligence provides our clients another differentiated way to stay ahead of their competition, and in control of their business growth,” said Steve Leivent, Senior Vice President and co-head of SS&C Advent. “By automating the extraction and formatting of alternative investment data, clients can ensure greater accuracy as they focus on building long-lasting client relationships.”

Canoe leverages a combination of industry expertise and advanced AI and machine learning techniques to eliminate the operational inefficiencies associated with alternative investment workflows. Canoe ingests reporting documents from multiple sources, systematically categorizes and saves the documents, then applies business, accounting and investment rules to extract and validate the necessary data elements. The solution then formats the clean and accurate data for import into Black Diamond and other SS&C systems.

“Working with SS&C, our focus remains on improving efficiency and helping firms scale,” said Michael Muniz, Partner and Chief Revenue Officer of Canoe Intelligence. “This partnership will empower many investment professionals with the tools and tactics to manage a growing book of alternative investments while optimizing time and resources.”

A long-time Black Diamond client, AdvicePeriod, has already implemented Canoe’s technology to manage their alternative investment workflow more efficiently.

"Forward-looking technology is one of the primary reasons advisors join AdvicePeriod, and the integration of Canoe Intelligence with Black Diamond is a key part of our solution,” said Matthew Woodward, Head of Operations at AdvicePeriod. “By leveraging an integrated solution with complete flexibility, our team spends less time with operational duties surrounding alternative investments and more time supporting our Partner Advisors in building their business."

This news follows other recent news from Canoe that include being recognized by Financial Services Forum as the “One To Watch” and “Transforming The Workforce” and starting multiple new client engagements with institutional investors. 

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