Benzinga | Nov 18, 2021 08:10AM EST

State Street Alpha Announces Strategic Partnership With RIMES To Enhance Index And Benchmark Services

State Street Corporation (NYSE:STT) today announced a strategic partnership with RIMES, the global data partner for asset managers, asset owners, and service providers, to enhance State Street Alpha. Through this partnership, State Street Alpha clients will benefit from RIMES' deep expertise and experience with the global index provider marketplace leveraging its market-leading operational capabilities and infrastructure.

Industry-wide investing dynamics have radically shifted over the past decade, and indexes and benchmarks have become critically important to the investment lifecycle. This partnership will help State Street to meet clients' increasingly complex index needs and provide a comprehensive solution to aggregate indexes and benchmarks across multiple providers. Index and benchmark data provision requires highly engineered and performant delivery, of which RIMES' 25 years of best-in-class data solutions and award-winning Benchmark Data Service (BDS) will provide.

"The management of comprehensive index and benchmark data at scale is vital to our clients and through this partnership with RIMES, State Street Alpha will now deliver the foremost benchmark and index service," said John Plansky, head of State Street Alpha. "We continue to explore all opportunities to advance the capabilities of State Street Alpha and our Alpha Data Platform for our clients and are thrilled to announce this partnership with RIMES."

Alpha's index and benchmark capabilities enabled by RIMES will provide clients with access to 3.4 million indices, 1600+ data sources, and more than 650 data partners, and will be complementary to other available financial data sources. Additional client benefits include operational efficiencies via increased consistency and faster implementation for new indexes, restatements, and changes.

"As the industry continues to move towards integrated front-to-back office solutions, data quality and breadth can sometimes be sacrificed," said Brad Hunt, CEO of RIMES. "We are delighted to partner with State Street to ensure that its clients have access to the best possible benchmark and index data, delivered through State Street Alpha."

State Street Alpha is a fully integrated front-to-back platform that combines proven industry leading components, including Charles River Development, Alpha Data Platform, middle-office processing, and a comprehensive set of data and back-office services. The platform was purpose-built as an open architecture, interoperable solution with a growing ecosystem of third-party liquidity, analytics, data, and application providers.