Broadridge Enhances Private Market Hub With Blockchain From AWS

Broadridge has announced it is utilizing distributed ledger technology to better streamline and connect the private equity ecosystem and assets,

The firm has enhanced its Private Market Hub platform, using Amazon Managed Blockchain from Amazon Web Services, to add connectivity to existing industry tools and technologies to help further automate workflows between front-, middle- and back-office functions providing a consistent, secure, real-time view of the data.

Eric Bernstein, Broadridge’s President of Asset Management Solutions, said: “We are leveraging blockchain technology to drive further innovation, removing industry friction in workflows and delivering real savings in terms of cost and time, by offering seamless connectivity to critical applications and solutions that industry participants rely on.

“The trends around digitization and data and analytics are only growing, and digital assets mark the start of an exciting new era for the private markets industry and fund managers and investors alike, accentuating the need to access best-in-class products to address the evolving landscape.”

Saman Michael Far, VP, Financial Services Technology, Amazon Web Services, commented: “We are excited to support Broadridge’s Private Market Hub, which accelerates the digitization of a critical part of the financial services infrastructure. Private Market Hub’s use of Amazon Managed Blockchain, a fully managed blockchain service, allows us to help Broadridge scale efficiently and more effectively serve its customers.”

Private Market Hub reduces friction for fund managers, investors, and administrators, and allows for easier auditability. The enhancements were enabled by blockchain technology, which streamlines traditionally disconnected and inefficient processes and facilitates visibility and trust.

Making private investments is a highly manual and time-intensive process for all parties involved, due to disconnected communication and data-sharing channels. For funds, managing investor communications and other documents is a burdensome task and functions for managing processes like capital calls are both time- and resource-intensive. Back-office reconciliation between systems often requires extensive manual steps and, as a result, there is no single view of fund performance and investor details”

The many challenges faced by private market participants, such as disconnected communication and back-office reconciliation, were solved by the newest version of the Private Market Hub, which extends the feature set available to platform participants, including independent auditor access, and adding connectivity to existing industry tools and technologies via Private Market Hub’s open API architecture.

Broadridge Financial Solutions has recently completed the acquisition of Itiviti in a $2.5 billion deal.

Itiviti will is now part of Broadridge’s Global Technology and Operations segment and its senior management team, including its CEO, will continue to remain in the company to help in driving the future expansion and growth of the company.