Forefront Communications

Financial Technologies Forum: Canoe Extracts PDF Data for Black Diamond Clients

Alexandra Hamer

Alexandra Hamer

A partnership between SS&C Technologies and a cutting-edge, data capture vendor Canoe Intelligence will let Black Diamond Wealth Platform clients automate the digitiz.ation of their PDF reporting documents, creating actionable data that can be sent to institutional investors, allocators, and asset­ servicing firms.

SS&C Advent’s Black Diamond Platform is a portfolio management system and client reporting solution for financial advisors and wealth managers.

Canoe Intelligence uses advanced artificial intelligence (Al) and machine learning techniques to review reporting documents from multiple sources, categorize them, and apply business, accounting, and investment rules “to extract and validate the necessary data elements,” officials say.

Canoe Intelligence already has “an integrated offering that enables Black Dimond clients to systematically deliver unstructured alternative investment data directly into Black Diamond,” Seth Brotman, CEO of Canoe, tells FTF News.

The integrated solution formats accurate data that can be imported into Black Diamond and other SS&C Systems, officials add.

Prior to this offering, the data for tracking alternative investments has been locked in PDF reports and needs to be manually extracted so that wealth managers and institutional investors can feed the data into Black Diamond, officials say.

“Our partnership with SS&C has opened up opportunities for deeper and seamless integration between our platforms. This integration benefits our mutual clients by enabling themm to better focus on growing their business instead of being distracted by operational hurdles,” Brotman says.

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