State Street Uses Machine Learning for Private Markets

State Street Corporation announced it will implement a cloud-based, machine learning technology to transform private markets processing and document management. Through State Street’s partnership with Canoe Intelligence, allocators and managers in the private markets sector will have an integrated experience where traditionally onerous and manual alternative investment workflows will be automated and streamlined, reducing processing time and delivering important information to clients sooner. Canoe’s open application programming interface (API) will integrate with State Street’s technology ecosystem, creating a more cohesive client experience for the processing of all alternative investment data across clients’ complex portfolios. This technology helps identify unique patterns as documents are processed that are created from shared intelligence, resulting in faster and improved recognition and ingestion rates for clients. Within seconds of implementation, unstructured data can be turned into accessible outputs, while clients benefit from a new, reliable infrastructure for the private markets. Not only does this save significant time and allow clients to make informed decisions faster, it also helps free up the time of asset managers, allowing them to focus on the business-critical tasks that require more thought.