State Street Leverages Machine Learning to Streamline Private Markets Processing and Document Management Through Partnership with Canoe Intelligence

Firm continues to invest in advanced technology solutions to extend its capabilities and deliver solutions to meet client needs

State Street Corporation today 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 (“Canoe”), 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.

“State Street prioritizes making investments in the solutions that will allow our clients to focus their time and attention on their core competencies, such as alpha generation,” said Jennifer Tribush, global head of alternatives product solutions for State Street. “With Canoe’s focus on alternative investments, we are able to further digitize our reporting capabilities for both general partners and limited partners.”

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.

“An overarching goal at State Street is to simplify our own processes and improve our technology so we can better enable our clients to focus on harnessing key data that will enhance their portfolio performance and optimize their own operations,” said Dax Johnson, global head of asset owner product at State Street. “We believe our partnership with Canoe will automate critical workflows and provide our clients with more timely access to information to make investment decisions.”

“We understand the difficulties those in the financial services industry face in dealing with a plethora of documents and onerous processes,” said Jason Eiswerth, CEO of Canoe Intelligence. “Canoe’s technology provides firms and managers more time to focus on other critical tasks, and we look forward to working with State Street to continue transforming the private capital markets.”

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $40.3 trillion in assets under custody and/or administration and $3.6 trillion* in assets under management as of March 31, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of March 31, 2021 includes approximately $60 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

About Canoe Intelligence

Canoe Intelligence is a first-of-its-kind technology that allows allocators to unlock their data. Canoe reimagines operational workflows and enables clients to transform their processes in order to eliminate manual data entry. By combining industry expertise with the most sophisticated data capture technologies, Canoe automates the digitization of PDF reporting documents into actionable data and intelligence for institutional investors, allocators, and asset servicing firms. With Canoe, clients refocus capital and human resources on business performance and growth. Canoe’s AI-driven platform was developed in 2013 for Portage Partners LLC, a private investment firm, and is relied upon by hundreds of institutional investors, service providers, family offices, and allocators.

www.canoeintelligence.com

Expiration Date:

June 22, 2022

3622716.1.1.GBL.RTL

View source version on businesswire.com: https://www.businesswire.com/news/home/20210622005654/en/