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HSBC signs deal to use BlackRock's 'Aladdin' software worldwide

HSBC is set to boost its wealth management offering with the use of the BlackRock Aladdin Wealth platform, after 18 months’ collaboration between the two parties.     Aladdin began as an internal tool at BlackRock before becoming the linchpin of Chief Executive Larry Fink’s plan to increase revenues from technology. It is used by investment managers to help to oversee risks and make investment decisions.  The partnership between Europe’s largest bank and the world’s biggest asset manager comes as both industries are battling to use technology to increase profits and improve service. Aladdin Wealth is tool that enables portfolio analysis, taking into account weight and risk management. Aladdin has largely been used in asset management since its creation over 30 years ago and was recently selected by Santander Asset Management to drive it digital transformation. BlackRock’s Fink has said he aims to increase revenues from technology to 30 percent of the firm’s...