BlackRock

BlackRock and Snowflake partner on Aladdin Data Cloud solution

23 February 2021 | Abigail Opiah

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BlackRock (NYSE:BLK) and Snowflake (NYSE:SNOW) has announced a strategic partnership to deliver a next-generation solution for the investment management industry.

BlackRock said it will be launching Aladdin Data Cloud, a solution for investment managers to expand the utility of data, powered by Snowflake’s platform.

The Aladdin Data Cloud is set to be a strategic part of Snowflake’s Data Cloud and a part of the Aladdin platform.

The company said the solution allows companies to bring Aladdin and non-Aladdin data together.

“Aladdin has been on a journey for three decades to put data at the heart of the investment process. We’re excited to be working with Snowflake’s innovative technology as we enter the next phase of that journey,” said Rob Goldstein, COO of BlackRock.

“Today, each client is able to customize on top of Aladdin and with their instance of Aladdin Studio and the Aladdin Data Cloud, they will have more powerful tools than ever at their disposal.”

By bringing together Aladdin and Snowflake’s Data Cloud, the Aladdin Data Cloud allows its clients to expand the utilisation of data across their organisation unlocking creativity and increasing operational efficiency.

"We’re thrilled to be a strategic partner to BlackRock to power a robust data platform for investment managers,” said Frank Slootman, CEO of Snowflake.

“With Aladdin as a strategic part of Snowflake Data Cloud, our goal is to create a new industry standard in financial services for accessing, governing and acting on data in a unified and secure data environment.”

BlackRock is partnering with Snowflake for its ability to meet the diverse requirements of Aladdin clients, and its shared vision to eliminate data silos in the industry, the pair revealed.

BlackRock will be a founding partner in Snowflake’s “Powered by Snowflake” program. The two firms will collaborate to address the evolving needs of the investment management community.

Built to run on all major cloud providers, BlackRock’s Aladdin Data Cloud solution leverages cloud security and data governance capabilities.