Canoe Intelligence and SS&C Partner to Streamline Alternative Investment Workflows

Partnership with Black Diamond® Brings New Efficiencies to Advisors’ Alternative Investment Processes

New York, July 07, 2020 (GLOBE NEWSWIRE) -- 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.

Canoe Intelligence is first-of-its-kind technology that allows allocators to unlock their data. Canoe reimagines operational workflows and enables clients to transform their processes in order to eliminate manual data entry. By combining industry expertise with the most sophisticated data capture technologies, Canoe automates the digitization of PDF reporting documents into actionable data and intelligence for institutional investors, allocators, and asset servicing firms. With Canoe, clients refocus capital and human resources on business performance and growth. Canoe’s AI-driven platform was developed in 2013 for Portage Partners LLC, a private investment firm, and is relied upon by hundreds of institutional investors, service providers, family offices, and allocators.

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology. 


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