Northern Trust has collaborated with Microsoft Azure Applied AI Services and Neudesic to create a new artificial intelligence (AI)-powered solution as part of its initiative to digitise alternative asset servicing.
The AI-powered solution will extract unstructured investment data from alternative asset documents and make it accessible and actionable for asset owner clients.
Additionally, it transforms crucial information such as capital call notices, cash and stock distribution notices, and capital account statements from a variety of unstructured formats into digital, actionable insights for investment teams.
According to Northern Trust, the new AI-powered data extraction capabilities will read stored documents and fund manager reports on holdings and performance of hedge funds, private equity and other alternative assets and pull out data points including asset names, currencies and market value.
Meanwhile, the two functions – document capture and data extraction – create an end-to-end, scalable, cloud-based process capable of moving from document receipt notification to digitised, accounting-ready data in just minutes.
“The integration of unstructured data on alternative assets will fill a crucial missing piece for asset owners who have long sought an accurate view of performance, liquidity and risk analytics across multi-asset portfolios,” explains Pete Cherecwich, president of corporate and institutional services at Northern Trust.
Cherecwich comments: “Automating investment data is a focus for Northern Trust, particularly for alternative assets due to their complexity and growing investor demand.”
He adds: “Our investments in cloud technology, AI, blockchain and machine learning will help asset owners achieve a true understanding of their assets and portfolios as a whole.”
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