By Saqib Iqbal Ahmed
NEW YORK (Reuters) – BlackRock Inc, the world’s largest wealth manager, has partnered with Microsoft Corp to host its Aladdin investment and risk management system on the Microsoft Azure cloud platform, the companies said on Tuesday.
The migration to the Microsoft Azure cloud platform will take many months, and Aladdin users are unlikely to see any effects in the near future, BlackRock said.
“The Aladdin infrastructure deployed on Microsoft Azure’s cloud platform provides BlackRock with advanced features to get the best results for our Aladdin customers,” said Rob Goldstein, chief operating officer at BlackRock, in a statement.
The companies have not disclosed the financial terms of the business.
BlackRock’s Aladdin system is used by wealth managers to manage risk in their portfolios and to assist them in trading, data management and other operations.
Aladdin, which started out as internal investment management software, has been opened to asset managers like UBS, Morgan Stanley and HSBC in recent years as BlackRock tries to increase technology sales.
Continued investment in Aladdin and the acquisition of French software provider eFront in 2019 helped increase BlackRock’s technology services revenue in 2019 to nearly $ 1 billion.
(Reporting by Saqib Iqbal Ahmed; editing by Steve Orlofsky)