Axa Investment Managers is attempting to harness ‘big data’ through a collaboration with State Street, one of the world’s largest custody banks, and a market data firm.
The collaboration with State Street and MKT MediaStats centres on developing data-driven indicators that are used to analyse economic and market information.
MKT MediaStats focuses on financial market implications of available big data from multiple sources while the State Street PriceStats inflation series is a daily measure of inflation derived from prices posted to public websites by hundreds of online retailers.
Axa hopes leveraging big-data solutions will reduce the time spent manually sorting information and increase the amount of investment data available that helps with investment decisions.
A recent survey by Northern Trust suggested many asset managers struggle to make sense of big data, receiving a deluge of it on a daily basis. Only 13% of respondents indicated they successfully captured full value from all their data, and 30% said the volume of data made it difficult to determine what was useful.
Axa IM manages assets of around €669 billion.
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