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Mirador Strips Out Manual Processes via Canoe Intelligence

by Eugene Grygo, March 6, 2019

The provider of portfolio performance reporting solutions is using Canoe’s AI-based platform to automate document management and data extraction workflows.

Mirador, a provider of bespoke portfolio performance reporting solutions, is partnering with Canoe Intelligence to streamline the document management and data extraction workflows required for alternative investment reporting, officials say.

The Canoe offerings are helping Mirador eliminate many manual data entry steps for alternative asset investors — a key frustration for the reporting processes associated with alternative investments, according to Canoe. The vendor’s mission is to help firms shift away from manual entry, so that they can refocus capital and human resources on business performance and growth.

“Canoe allows Mirador to cut through the avalanche of unstructured documents, reports and data it receives from hundreds of investment managers.” says Seth Brotman, Canoe CEO, in a prepared statement. Specifically, the Canoe offerings organize and process: capital account statements; capital call notices; distribution notices; K-1’s; subscription documents; performance emails; fact sheets; investor letters; and investment memos.

As Mirador reduces the manual data entry associated with alternative investment reporting, it will be able to improve turnaround time for its client reporting, Michael Muniz, head of sales and partner at Canoe, tells FTF News.

“End-users of Mirador will simply benefit from Canoe’s technology, as Mirador will be using Canoe to make alternative investment reporting significantly more efficient,” Muniz says. “Mirador owns the client service and is using Canoe to improve and optimize their operations for the benefit of their client.”

A third of ultra-high-net-worth portfolios consist of private company holdings, private equity stakes and other alternatives, says Joseph Larizza, founder ofMirador, in a prepared statement. The portfolios of wealth managers and family offices often include investments in hedge funds and venture capital, according to Mirador officials.

This often means that these firms “are inundated with thousands of documents annually, containing 200,000 or more transaction, valuation and performance data points. Canoe’s technology automates the extraction and management of these data points and documents, allowing firms to refocus capital and human resources on business performance and growth,” according to Mirador officials.

Mirador, a provider of customized reporting services, often faces the manual entry of alternative asset data for clients such as high net-worth families, family offices, and wealth management firms. “These clients, who represent more than $30 billion in wealth, rely on Mirador to accurately report on their entire financial portfolios,” according to Mirador.

“That’s why Canoe developed this technology and why Mirador is thrilled to incorporate its capabilities into our reporting process,” Larizza says.

The Canoe technology to automate data extraction, data management and other operational processes is based upon artificial intelligence, officials say.

Canoe’s AI-based platform was developed in 2013 for “a billion-dollar, multifamily office and today is relied upon by more than 70 institutional investors, advisors, and family offices,” officials add.