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Fidelity International onboards FINBOURNE’s LUSID platform and makes strategic investment

Mittal Shah

21/07/21

Fidelity selects FINBOURNE’s LUSID platform to drive data strategy for its global asset management business

Fidelity International Strategic Ventures invests into FINBOURNE’s latest funding round

Fidelity International, London, 21 July 2021: To address the growing need to prioritise data as a strategic asset and to better serve its clients with new growth initiatives, Fidelity International (Fidelity) has selected FINBOURNE to drive its data strategy for its global asset management business.   

FINBOURNE, the investment management technology solutions start-up established in 2016, has also received a strategic investment from Fidelity International Strategic Ventures, a dedicated venture capital team at Fidelity, in a recent funding round alongside a number of other undisclosed investors. 

FINBOURNE was created with a mission to reduce the cost of investing and increase transparency by providing a scalable cloud based common infrastructure for the investment community. Through the delivery of open Application Programming Interfaces (APIs) and feature rich tools like LUSID and LUMINESCE, FINBOURNE helps solve the data and portfolio management problems faced by buy-side clients.

“Today’s announcement is an important step-forward in FINBOURNE’s vision to create and install a foundation technology across the investment industry,” said Thomas McHugh, CEO of FINBOURNE Technology. “We’ve known and partnered with Fidelity for a number of years, and the brand has always been synonymous with quality and consistency. We are, therefore, delighted their focus on true innovation led them to us for their core asset management technology globally. We look forward to continue working with them on their data strategy, helping to support their clients.” 

FINBOURNE’s LUSID platform is a state-of-the-art, cloud-native, API-centric architecture, specialising in simplifying complex data hierarchies for enhanced control, performance and insight. LUSID enables asset managers to not only ingest, aggregate and distribute data to their entire organisation, but allows for extensible calculations across functions such as risk and performance, and sharing all of this with clients.

Commenting on Fidelity’s adoption of FINBOURNE’s LUSID platform for its global asset management business, Stuart Warner, Head of Technology, Fidelity International, said: “At Fidelity, we have embarked on a strategic data programme and cloud-first strategy to create a market leading platform that can drive value, insight, innovation and efficiency across our business and for our clients. FINBOURNE’s LUSID platform consolidates and accelerates our various data requirements, providing better data consistency, reduced costs and ultimately a more personalised experience for our clients. We see FINBOURNE’s platform as complementary to our digital and cloud strategy at Fidelity as we focus on our core areas of un-bundling through the use of APIs and becoming a more data-driven organisation.

“In time, the platform will act as a central hub to design and create new capabilities that will seamlessly connect with FinTech’s and other service providers, which will enable us to service our clients in a completely new and innovative way.”   

Commenting on Fidelity’s minority stake, Alokik Advani, Managing Partner, Fidelity International Strategic Ventures, said: “FINBOURNE’s unique platform offers the most complete integrated data solution in the market, while remaining fully open architecture. We recognise the important role FINBOURNE will play in streamlining Fidelity’s own legacy data architecture today, as well as the growing opportunity it will provide for broader market participants right across the investment community.” 

-Ends-

Notes to editors:

For further information, please contact:

Fidelity International:

Craig Terrington, +44 207 074 5811 / + 44 7725069850 / Craig.terrington@fil.com

About FINBOURNE

FINBOURNE Technology was founded in December 2016 with the mission to reduce the cost of investing and increase transparency for everyone. FINBOURNE aims to create a foundation technology which will sit at the heart of the world’s investment industry and be delivered ‘as a service’, providing a common infrastructure for the investment community. To do this, we are adopting an API first, opensource approach that benefits the entire community, by sharing common workflow and removing integration costs.

About Fidelity International

Fidelity International offers investment solutions and services and retirement expertise to more than 2.5 million customers globally. As a privately held, purpose-driven company with a 50-year heritage, we think generationally and invest for the long term. Operating in more than 25 countries and with $739.9 billion in total assets, our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals.

 Our Workplace & Personal Financial Health business provides individuals, advisers and employers with access to world-class investment choices, third-party solutions, administration services and pension guidance. Together with our Investment Solutions & Services business, we invest $567 billion on behalf of our clients. By combining our asset management expertise with our solutions for workplace and personal investing, we work together to build better financial futures. Data as at 31 March 2021. Read more at fidelityinternational.com

Fidelity International Strategic Ventures (FISV) is a dedicated venture capital team within Fidelity International set up to invest in fintech businesses and technologies. The team invests meaningful minority stakes in early stage fintech businesses, backing bold, disruptive entrepreneurs who are looking to change the face of finance.

Press office address: FIL Investment Management Limited, 4 Cannon Street, London, EC4M 5AB

Fidelity only offers information on products and services and does not provide investment advice based on individual circumstances, other than when specifically stipulated by an appropriately authorised firm, in a formal communication with the client.

Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America. This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required.

Unless otherwise stated all products and services are provided by Fidelity International, and all views expressed are those of Fidelity International. Fidelity, Fidelity International, the Fidelity International logo and F symbol are registered trademarks of FIL Limited.

Issued by Financial Administration Services Limited, authorised and regulated by the Financial Conduct Authority

 CC21/45

Mittal Shah

21/07/21

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