Goldman Launches Cloud-Based Software

Goldman Sachs Group Inc said it has partnered with Amazon Web Services Inc to create a software for cloud-based data and analytics for financial institutions. The new product will allow hedge funds and asset managers, among other firms, with data management, analytics and security services, the bank said. The bank is opening up access to its trove of market data and software tools to hedge funds and asset managers in an offering designed with Amazon’s cloud division. The move, the result of a two-year collaboration with AWS, puts Goldman in the unusual position of being a provider of cloud services for Wall Street, according to executives at the two firms. The new service, called GS Financial Cloud for Data with Amazon Web Services, will help asset managers save time by allowing their developers to focus efforts on trades, rather than spending time wrangling data sets and leaning on a patchwork of legacy software to analyze them, the companies said. It will also “lower the barriers to entry” for firms to use advanced quantitative trading techniques, Goldman said.