Brown Brothers Harriman (BBH) has launched a new platform giving clients access to a new universe of open architecture technology providers.
The platform brings together expertise in areas such as environmental, social and governance (ESG data), insurance accounting, class action recovery services, and artificial intelligence (AI).
BBH Connectors is described as a “cohort of specialist third-party FinTech and service providers”, which the custodian believes will complement its own proprietary technology solutions and data services.
The services can be delivered straight to BBH’s clients and will align with its strategy to serve asset managers with an integrated suite of flexible, provider-agnostic capabilities.
“Asset managers need a future-ready operating model enabled for multiple service providers that can adapt as their strategy evolves,” said Chris Remondi, partner and global head of relationship management, BBH. “In this environment, it’s all about flexibility, and we are excited to facilitate choice on behalf of our clients.”
The Connectors programme is launching with four external firms, while also showcasing several BBH-built solutions which can be provided together or separate from custody and administration services.
The first group of external Connectors includes Clearwater Analytics, which provides insurance and reinsurance companies with a SaaS platform for daily accounting, compliance, performance, risk reporting, and analytics.
Also involved is Financial Recovery Technologies (FRT) which covers class action claims through a host of governance and recovery shareholder litigation solutions, IdealRatings a FinTech integrating ESG factors across client operating models and OnCorps, which helps clients apply emerging technology to their business, handling predictable, manual-intensive calculations, decisions, and tasks.
“We don’t believe that any single provider is going to have a monopoly on good ideas, nor do we think anyone provider can manufacture all of the solutions asset managers and financial institutions would expect to leverage,” said Joshua Fine, head of data services at BBH.
“These four firms are the first cohort of providers for what will become an open architecture platform of solutions which solve some of the most pressing challenges our clients face right now.”
The announcement comes just a day before Global Custodian presents a panel discussion on custody projects and partnerships during its Leaders in Custody Week. The panel will highlight the growing trend of mutually beneficial collaborations between likeminded service providers and FinTechs to meet growing client demands in light of the potential of new and emerging technologies.