Fidelity International (Fidelity) has selected FINBOURNE to drive its data strategy for its global asset management business.
FINBOURNE, an investment management technology solutions start-up established in 2016, has also received a strategic investment from Fidelity International Strategic Ventures, a dedicated venture capital team at Fidelity, in a recent funding round alongside a number of other undisclosed investors.
FINBOURNE was created with a mission to reduce the cost of investing and increase transparency by providing a scalable cloud based common infrastructure for the investment community. Through the delivery of open Application Programming Interfaces (APIs) and feature rich tools like LUSID and LUMINESCE, FINBOURNE helps solve the data and portfolio management problems faced by buy-side clients.
“Today’s announcement is an important step-forward in FINBOURNE’s vision to create and install a foundation technology across the investment industry,” says Thomas McHugh, CEO of FINBOURNE Technology. “We’ve known and partnered with Fidelity for a number of years, and the brand has always been synonymous with quality and consistency. We are, therefore, delighted their focus on true innovation led them to us for their core asset management technology globally. We look forward to continue working with them on their data strategy, helping to support their clients.”
FINBOURNE’s LUSID platform is a state-of-the-art, cloud-native, API-centric architecture, specialising in simplifying complex data hierarchies for enhanced control, performance and insight. LUSID enables asset managers to not only ingest, aggregate and distribute data to their entire organisation, but allows for extensible calculations across functions such as risk and performance, and sharing all of this with clients.
Commenting on Fidelity’s adoption of FINBOURNE’s LUSID platform for its global asset management business, Stuart Warner, Head of Technology, Fidelity International, said: “At Fidelity, we have embarked on a strategic data programme and cloud-first strategy to create a market leading platform that can drive value, insight, innovation and efficiency across our business and for our clients. FINBOURNE’s LUSID platform consolidates and accelerates our various data requirements, providing better data consistency, reduced costs and ultimately a more personalised experience for our clients. We see FINBOURNE’s platform as complementary to our digital and cloud strategy at Fidelity as we focus on our core areas of un-bundling through the use of APIs and becoming a more data-driven organisation.
“In time, the platform will act as a central hub to design and create new capabilities that will seamlessly connect with FinTech’s and other service providers, which will enable us to service our clients in a completely new and innovative way.”
Commenting on Fidelity’s minority stake, Alokik Advani, Managing Partner, Fidelity International Strategic Ventures, says: “FINBOURNE’s unique platform offers the most complete integrated data solution in the market, while remaining fully open architecture. We recognise the important role FINBOURNE will play in streamlining Fidelity’s own legacy data architecture today, as well as the growing opportunity it will provide for broader market participants right across the investment community.”
