State Street plans to 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 more quickly.
Canoe’s open API will integrate with State Street’s technology ecosystem, creating a more cohesive client experience for the processing of all alternative investment data across client 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. Canoe’s AI-driven platform was developed in 2013 for Portage Partners LLC, a private investment firm, and is deployed by hundreds of institutional investors, service providers, family offices, and allocators.