The Power to Connect Harmoniously | Streamlining and Standardizing Alternative Investment Data

Jeff Cohen & Michael John Umbrino – 05/02/2024

Wealth managers are turning to alternative investments as investors demand better returns through diversified private assets. This shift from the traditional public 60/40 portfolio has driven positive results compared to public markets in recent years, but at what operational burden and cost to wealth management firms? SS&C’s Black Diamond Wealth Platform has over 100,000 alternative investment accounts across more than 600 firms. These hundreds of clients have alternative accounts requiring manual workflows to remain up to date.

Wealth managers face tremendous challenges keeping up with investor demand while efficiently scaling their alternative investment business given the manual processing of unstructured data. After over 100 conversations with various-sized advisory firms, we have heard the resounding message that talented human capital, a firm’s greatest resource, is continually being consumed trying to process remedial repetitive tasks surrounding the data aggregation of alternative investments. Some examples are:

  • Monitoring emails and downloading documents from a portal
  • Keying values to loader files and/or systems
  • Offline tracking for data completeness

The manual work needed to manage alternative investments drives managers to seek software and service support options. At SS&C, we know a thing or two about solving operational challenges. We are the largest alternatives fund administrator in the world. With over 35 years of experience as the largest global fund administrator, and $2.3 trillion in alternative assets under administration, we have experienced the same operational pain points trying to service our clients.

SS&C Accord is an exciting offering that supports a firm’s alternative investment data aggregation needs while providing options to seamlessly integrate with Black Diamond. SS&C Accord empowers you to control your costs, scale effectively, and automate workflows leveraging technology-driven solutions. By utilizing Accord, SS&C becomes an extension of your back office, resulting in maximum efficiency gains for your existing team.

SS&C Accord has three main components:

Data Aggregation Management:

SS&C Accord independently monitors, receives, and retrieves communication and documents for underlying investments. Document categorization, organization, and status tracking are all included, allowing you to leverage the latest intelligent automation technology through digital workers.

Data Processing:

SS&C Accord uses a proprietary and powerful AI machine-learning solution to manage automated data extractions. Then, an Accord team expert reviews and approves all extracted data for accuracy and completeness. This service drives near real-time recording of capital transactions and daily updates of valuations per statements received for the underlying investments. There are also options for assistance in processing wires to the underlying funds and transmitting transactions to custodians.

Data Transmission:

Via direct integration with Black Diamond, all alternative investments are loaded on your behalf. The service team supports reconciliation and data inquiries.

Time spent with clients or analyzing how to best suit your book of business is invaluable and we want to help you maximize that. Utilizing technological advancements to save time is the way of the future.

To learn how the SS&C Black Diamond Wealth Platform can support your unique advisory business, request your personal demo, call 1-800-727-0605, or email