Broadridge partners with AWS to release Blockchain-based Private Market Hub

Broadridge Financial Solutions, Inc. has released the latest version of its Private Market Hub platform, using Amazon Managed Blockchain from Amazon Web Services, Inc. (AWS). Broadridge utilises distributed ledger technology (DLT) to better streamline and connect the private equity ecosystem and assets.

The updated platform deploys blockchain technology for the private equity market and adds connectivity to existing industry tools and technologies to further automate workflows between front-, middle- and back-office functions.

Eric Bernstein, Broadridge’s President of Asset Management Solutions, commented:

Eric Bernstein, Broadridge

Eric Bernstein
Source: LinkedIn

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.

Broadridge Financial Solutions

Saman Michael Far, VP, Financial Services Technology, Amazon Web Services, added:

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.

The Private Market Hub brings together private equity ecosystem participants. The platform reduces friction for fund managers, investors and administrators, but also enables easier auditability. Through the Hub, funds can manage, communicate and engage with investors and other stakeholders with better efficiency. These improvements are brought on by the utilisation of DLT, which streamlines traditionally disconnected and inefficient processes.

Private investments take up time and effort from the participants, due to disconnected communication and data-sharing channels. The management of investor communications and other documentation can be a labour-intensive task for funds. Managing capital calls and other processes take up time and resources. Back-office reconciliation between systems can often require manual steps which leads to having no single view of fund performance and investor details.

Private Market Hub’s newest version offers a solution to these challenges. The platform extends the feature set available to the participants, such as independent auditor access and adding connectivity to existing industry tools and technologies via its open API architecture.

Earlier in May, Broadridge extended its capital markets franchise with the acquisition of Itiviti. In March the company paid $2.5 billion to secure the deal with the former owner of Itiviti, Nordic Capital.

Read Also: