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Most institutional investors plan to outsource data management
A new study by State Street Corporation reveals that 60 percent of insitutional investores surveyed plan to outsource their data management over the next three years.
Currently, 52 percent of insitutional investors surveyed conduct all of their data management functions in house, however, by 2021, this number is expected to fall to 36 percent with 15 percent aiming to fully outsource this function to an external partner.
"Explosion in data complexity has fundamentally changed the way asset owners and asset managers compete and operate," said Subbiah Subramanian, global head of State Street Global Exchange's data-as-a-service offering, Data. "Todays investment climate requires an overwhelming amount of data, and as the lines between front, middle and back office continue to blur, smarter data management is absolutely essential for effective performance and recognizing growth opportunities."
Regulation as change driver
More than half of survey respondents (57 percent) cite the driver behind this change in data management as demands from regulators. However, it also appears that data management is rapidly becoming increasingly important to institutional investors with almost one-third (30 percent) stating that the incorporation of new information insights or alternative data into their investment process will be one of the strongest opportunities to help increase assets for their firm over the next five years.
In addition, almost half (46 percent) of respondents believe the implementation of a better data strategy has improved the alignment of their investment and risk teams; and 22 percent believe their data and analytics capabilities have become their most important competitive advantage.
