Allvue Systems, a Miami-based alterative investment technology company, has announced a partnership with Snowflake, a data cloud company, to enhance data storage and processing across business lines.
“Using Snowflake to build Allvue’s centralized data platform ensures we can meet and exceed customer expectations by helping them make the best use of their data,” said Brandon Meeks, chief technology officer at Allvue. This would allow private equity customers to manage their data from one centralized platform for greater response and clearer insight.
The cloud-based platform will feature application programming interfaces – programs that allow easy connection between users and databases for searching and retrieval of data. Clients will be able to query their entire data set at once to unlock insights for portfolio and investment decisions.
Snowflake is a fast-growing public company based in Bozeman, Montana that is quickly connecting financial service firms in the cloud.
As financial firms have expanded their usage of the cloud-based services and products, they have struggled to integrate their multiple systems to make the data accessible, especially across business lines. Firms often find themselves creating siloed warehouses from their various cloud databases, but communicating between those siloes is difficult. This can make communication even more difficult.
The Snowflake system reintegrates the firm, allowing these warehouses to talk to each other and fully optimize data management across one centralized platform.
The partnership allows Allvue to use Snowflake’s technology as the underlying infrastructure for cloud-based warehouses and data lakes. Data lakes allow firms to store and consume large external feeds of information for future retrieval. Credit ratings, covenant reviews, payment schedules and research papers might qualify for inclusion in a data lake.
Allvue can then build a business intelligence layer over the top of those data warehouses and lakes. Snowflake makes the data easy to consume and retrieve. Allvue has the systems to analyze the data and create reports for the business.
“The most important thing is that this product is integrated,” said an Allvue company spokesman. “It’s a single warehouse that will fit all your needs, whether you use Allvue solutions or not for things like fund accounting, investor relations and front-office and portfolio monitoring.”
Matt Glickman, VP of financial services at Snowflake, said, “Allvue will enable their clients to…leverage data for maximum impact, as well as meet compliance and regulatory objectives.”
Allvue was formed in 2019 with the merger of Black Mountain Systems and AltaReturn and now manages $2.5 trillion in assets on its platform. It has locations in North America, Europe and Asia-Pacific.