State Street launches data business
US-based financial institution, State Street Corporation has launched a new business aimed at leveraging off its research, advisory and analytics capabilities.
The new business, Global Exchange, is intended to develop solutions "to address clients' data information and trading challenges"
The State Street announcement said the company had named Jeff Conway to lead the new business.
It said Global Exchange represented a reorganisation of existing components from State Street's research and advisory, analytics, Currenex, Global Link and derivatives clearing capabilities into one organisation focused on providing clients with easier access to solutions and accelerating new product development.
State Street management committee member, Jack Klinck said that as a result of regulatory reform, complexity and transparency, clients wanted access to real-time data and analytics to better inform their investment and trading decisions.
"In a survey we conducted last year with the Economist Intelligence Unit, the issue of data integration was at the forefront of clients' operational challenges," he said.
"Nearly half (46 per cent) of asset owners rated their ability to achieve a comprehensive look-through of their portfolio across all security types and investment structures as less than good."
Conway said the survey had also shown that over the next three years, almost two-thirds (63 per cent) of asset owners surveyed expected their data management challenges to increase.
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