In other news, FinTech Innovation Lab NY 2022 launches, Cboe fills exec posts, and Guidepost Solutions partners.
BlackRock Lands $150B Mandate with AIG
BlackRock’s investment management technology platform Aladdin will play a key role in the $150 billion mandate that the asset manager just signed with insurance giant American International Group (AIG), officials say. The Aladdin platform encompasses portfolio management and risk analytics.
The world’s largest asset manager will oversee key AIG liquid fixed income and private placement assets, representing $60 billion of assets on behalf of AIG and $90 billion of assets on behalf of AIG’s Life & Retirement business. “BlackRock’s Aladdin platform will provide investment management technology for both AIG and Life & Retirement,” officials say.
“This is
another important milestone as our momentum continues toward the separation of our Life & Retirement business and future state of AIG,” says Peter Zaffino, chairman and CEO of AIG, in a prepared statement. “For Life & Retirement, the partnership with BlackRock creates both strategic and operating flexibility as we reposition asset management and prepare the business to be a standalone company.”
AIG will rebrand SAFG Retirement Services, Inc., the parent company of its Life & Retirement business, as Corebridge Financial, Inc. when it becomes a public company, officials say.
“BlackRock will be implemented in phases across AIG’s global operations, subject to customary onboarding and implementation requirements and any required regulatory approvals,” officials say.
FinTech Innovation Lab NY Unveils Participants
The officials behind the 2022 FinTech Innovation Lab New York have chosen 10 emerging technology companies to participate in a 12-week program that was founded and is run by Accenture and the Partnership Fund for New York City
Maria Gotsch
The lab, now in its twelfth year, “helps early- and growth-stage fintechs accelerate product and business development through in-depth engagement with top financial services and venture capital executives,” according to officials. For this year, top financial services firms will mentor financial technology entrepreneurs, focusing on key industry themes such as sustainability and cryptocurrencies
“This year’s participants, selected from nearly 200 applicants globally, are focused on some of the industry’s most important issues, including creating sustainable investments and meeting ESG (environmental, social, and governance) outcomes, improving transparency around cryptocurrencies, and managing security and compliance risks,” officials say. “The fintechs’ solutions use technologies such as artificial intelligence (AI), machine learning (ML), cloud, blockchain and advanced data analytics.”
The 2022 FinTech Innovation Lab New York participants that are focused on capital markets matters are:
- Evercity (Berlin) — “whose blockchain-based sustainability measurement and investment platform automates issuance, management and monitoring of sustainable finance;”
- Mark Labs (New York) – “whose AI/ML stewardship platform helps asset managers define impact metrics, engage with investors and portfolio companies, and link their capital allocations to the pursuit of real-world environmental, social, and governance outcomes alongside targeted financial returns.”
Another lab participant, Messari (New York) offers a market intelligence platform fir “in-depth crypto market research, analysis, data, diligence tools, and more for crypto business professionals,” officials add.
“We are excited to see how this competitive class of fintechs and insurtechs will contribute to our city’s recovery and create a more inclusive and innovative economy,” says Maria Gotsch, president and CEO of the Partnership Fund for New York City and co-founder of the FinTech Innovation Lab New York, in a prepared statement.
At the end of the 12 weeks, lab participants give “in-person presentations on their progress to executives across the banking, insurance, capital markets and venture capital sectors on June 23,” officials say. The full list of lab participants can be found here: https://bit.ly/3LovfzP
Cboe Promotes to Fill Executive Posts
Tim Lipscomb
Derivatives exchanges company Cboe Global Markets is expanding globally and has filled two senior executive posts via promotion — Tim Lipscomb, the current chief operating officer (COO) of Cboe Europe takes on the role of senior vice president, chief technology officer (CTO), and Stephanie Renner, the chief financial officer (CFO) of Cboe Europe, will move on to senior vice president, international finance, officials say. As CTO, Lipscomb will oversee Cboe’s technology strategy, innovation and integration efforts, “including overseeing all of Cboe’s exchange, data and clearing platforms,” officials say.
Stephanie Rennersay
For her new role, Renner will oversee “all of Cboe’s non-U.S. finance functions, overseeing the company’s Canadian, European and Asia Pacific financial operations, planning, analysis and reporting,” officials say. “Both executives will relocate from London to Kansas City to assume their new positions.”
These and other recent Cboe appointments “reflect the company’s ongoing global expansion. Together, these changes aim to further integrate and optimize the company’s global teams, resources and operations to position Cboe for its future growth plans,” according to Cboe.
Guidepost Solutions Acquires Equity Stake in Truvantis
Guidepost Solutions, a compliance solutions, monitoring, and security and technology consultancy, reports that it has acquired “a significant equity stake in Truvantis, Inc., a cybersecurity company formed in 2010,” officials say. Guidepost has a financial crime consulting practice. Truvantis offers cyber and privacy services intended to protect infrastructure, data, operations, and products, officials say.
The partnership will help both “to offer a wide-ranging suite of cybersecurity solutions and consulting services, at a time when cybersecurity risks are evolving and affecting all business operations,” officials say. “Specific security services include risk assessments, security testing, cyber investigations, cybersecurity governance, data protection, privacy consulting, operational security design and project management, vCISO, and remediation services.”
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