Goldman Sachs said on Tuesday it had partnered with Amazon Web Services Inc to create a software for cloud-based data and analytics for financial institutions, reported Reuters.
The new product, called Goldman Sachs Financial Cloud for Data, will allow hedge funds and asset managers, among other firms, with data management, analytics and security services, the bank said.
“Clients of the firm will get access to our decades of experience and data aggregation that should enable them to enhance their business decisions, both from a speed and efficiency perspective,” Solomon told CNBC last week in a phone interview. “We think that adds to our position as a leader in the marketplace.”
The new service, called GS Financial Cloud for Data with Amazon Web Services, will help asset managers save time by allowing their developers to focus efforts on trades, rather than spending time wrangling data sets and leaning on a patchwork of legacy software to analyze them, the companies said. It will also “lower the barriers to entry” for firms to use advanced quantitative trading techniques, Goldman said.
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