Long way to go

BlackRock has a long way to go in wealth management. While about 20 per cent of the top 200 global asset managers use the software, it’s only reached 2 per cent of the global private wealth industry.

The creation of Aladdin — short for Asset, Liability, Debt and Derivative Investment Network — dates back almost as far as BlackRock itself. At first, the firm used it solely as an internal tool. It’s often called the firm’s “central nervous system” because the software analyses the $6.3 trillion investment firm’s every move. It monitors all of BlackRock’s portfolios, weighing what-ifs and worst-case scenarios, and even handles tasks like tracking corporate headcount.