US-based Broadridge Financial Solutions (NYSE: BR), a tech solutions provider, revealed on Wednesday (June 9, 2021) that it has teamed up with Amazon Web Services (AWS) in order to expand its Private Market Hub platform.
The Private Market Hub will leverage distributed ledger technology (DLT) to streamline and connect the private equity sector and assets.
The new platform has added connectivity to industry applications and tools that will help with automating workflows between front-, middle- and back-office functions, offering a more consistent, secure, real-time view of the latest data.
Broadridge’s management noted that this will be their first deployment of blockchain tech for the private equity market.
The Private Market Hub will aim to bring together private equity ecosystem participants while lowering the friction for asset managers, investors and administrators. The DLT-based platform should also make it easier to perform audits.
The updated hub supports independent auditor access and helps with adding connectivity to various industry tools and technologies via its open API architecture.
Eric Bernstein, Broadridge’s President of Asset Management Solutions, stated:
“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, remarked:
“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.”