PIMCO, Man Group, IHS Markit, State Street, Microsoft and McKinsey & Company have announced their intention to form a new UK-based technology-led company, HUB, to build a cloud-based operating platform aimed at transforming asset managers’ operations technology. The company selected Microsoft as its technology platform provider to empower HUB to develop its asset management operating platform on Microsoft Azure.
According to a statement, “HUB’s greenfield platform will be built by asset managers to transform the industry’s operating model by providing flexible and modular solutions across middle and back office functions, all while reducing cost and mitigating risks. The platform will accelerate the move to a digital operating model enabling asset managers to deliver innovative solutions to their clients both now and in the future.”
This is not the first time that Microsoft and PIMCO have been involved in a collaborative effort in the inserv space. In 2001, Microsoft was part of a group including The Bank of New York, Compaq, Advent and Accenture that formed Encompys, a business that aimed to build a comprehensive outsourcing solution for asset managers. PIMCO was an early client.