BlackRock has launched eFront Provider, designed to enable asset servicers to offer asset managers a fund service, 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, according to a statement by BlackRock.
Global financial service provider Apex Group has been onboarded as the first eFront Provider client. The product establishes an interconnected, two-way data flow between Apex and its private markets clients, including asset managers, financial institutions, private clients, and family offices.
With over $3.1trn 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, said the statement.
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, it added.
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 Provider streamlines processes for Apex by digitising 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 improves the end-client experience as they conduct their oversight duty.
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. Aladdin is a tech platform that unifies the investment management process by providing a common data language within an organization to enable scale, provide insights, and support business transformation.
Peter Hughes, founder and CEO of Apex Group, said: “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.”
