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PIMCO, Man Group, IHS Markit, State Street, Microsoft & McKinsey & Co To Form HUB

PIMCO, Man Group, IHS Markit, State Street, Microsoft and McKinsey & Company announced the intention to form a new technology-led company, HUB. It will be a new technology led company focused on providing modular infrastructure for asset managers' middle and back office functions. The cloud-based operating platform will be designed and built in collaboration with PIMCO, Man Group, IHS Markit, State Street, Microsoft and McKinsey.

Emmanuel Roman, CEO of PIMCO, said: "Through this partnership, HUB will combine modern technology and infrastructure to streamline our middle and back office functions and feed data to every part of our business including distribution and analytics."

Microsoft was selected as the technology platform provider to empower HUB to develop asset management operating platform on Microsoft Azure cloud.

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