Alt Investments
Mirador, Canoe Intelligence Ink Alternative Assets Partnership
The pact means Mirador's ability to rapidly tell clients about investments in sectors such as hedge funds and private equity will be enhanced, the firms said.
Wealth management technology firms Mirador and Canoe Intelligence, which both recently commented about client reporting issues for this publication, are to partner over delivering data on alternative investments such as private equity and hedge funds.
Mirador provides portfolio-performance reporting solutions for high net worth families, family offices, and wealth management firms. Canoe Intelligence is a tech firm that eliminates manual data entry for alternative asset investors.
"We know that a third of ultra-high net worth portfolios consist of private company holdings, private equity stakes and other alternatives," Mirador founder, Joseph Larizza, said. "That's why Canoe developed this technology and why Mirador is thrilled to incorporate its capabilities into our reporting process. Together with Canoe, Mirador is able to more efficiently report on the complex portfolios of our families, family offices and wealth managers and be confident that their financial data is accurate every time,” he said.
Family offices and other wealth managers’ portfolios are increasingly complex, spreading into investments such as private equity, hedge funds, infrastructure and venture capital. Firms are inundated with heavy document loads, often containing 200,000 or more transaction, valuation and performance data points, Mirador said in a statement.
“Canoe's technology automates the extraction and management of these data points and documents, allowing firms to refocus capital and human resources on business performance and growth,” Mirador said.
Mirador’s clients collectively represent more than $30 billion in wealth. It said that the Canoe partnership will slash the time it takes to handle data and deliver reports more quickly.
Canoe's AI-driven platform was developed in 2013 for a multi-family office and is now used by more than 70 institutional investors, advisors, and family offices.
