As part of a new partnership arrangement, asset manager BlackRock will host its Aladdin investment management and operations system on the Microsoft Azure cloud platform.
BlackRock said that using Azure will accelerate innovation on Aladdin and enhance the client experience. Azure’s network of global data centers and capabilities will also be used to meet the localized needs of Aladdin clients, BlackRock said in a release.
In addition to BlackRock’s use of the network, the two companies will work together on initiatives that leverage technology to improve and expand sustainability data and analytics.
“The lack of standardized, high-quality data remains a significant hurdle in understanding the impact of sustainability-related risk on investment portfolios and company performance,” BlackRock said, adding that the two firms will invite collaboration from academics, startups, non-profits or others on sustainability-related analytics.
“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.
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