BlackRock to Launch Aladdin Data Cloud for Investment Managers

The Aladdin Data Cloud will also be a strategic part of Snowflake's Data Cloud and a part of the Aladdin platform. The solution will allow companies to "bring Aladdin and non-Aladdin data together making it easy for users to build on top of it with Aladdin Studio," the companies said.

Each Aladdin Data Cloud client will receive an independent, centrally managed data store pre-loaded with "front-to-back Aladdin data sets which can then be supplemented with proprietary and other third-party data sources, allowing organizations to access and query their business-critical data on a single, cloud-based platform," the firms said.

BlackRock will also be a founding partner in Snowflake's "Powered by Snowflake" program. The firms plan to "collaborate to address the evolving needs of the investment management community with the goal of making data more accessible and actionable," they said. Financial terms were not disclosed.

"Aladdin has been on a journey for three decades to put data at the heart of the investment process," according to Rob Goldstein, BlackRock chief operating officer. "Today, each client is able to customize on top of Aladdin and with their instance of Aladdin Studio and the Aladdin Data Cloud, they will have more powerful tools than ever at their disposal," he said in a statement.

BlackRock is partnering with Snowflake because of the latter firm's "unique ability to meet the diverse requirements of Aladdin clients, and its shared vision to eliminate data silos in the industry," the companies said.

Pictured: BlackRock headquarters in New York. (Photo: AP)