BlackRock has finally inked its biggest technology partnership with an aim of helping the Americans have a handsome amount for the purpose of saving for retirement.
On Thursday, the world’s largest asset manager, BlackRock stated that it has been working with Microsoft so as to build a platform for the saving of retirement which will be launched in 2019.
According to BusinessInsider, the spokesperson of both the firms declined to its request of commenting.
According to BusinessInsider, a source who has enough knowledge of the matter stated that the product is still under development and that the offering of it will be made via employers.
The source further added that the product is designed in a manner that it will be user friendly. The goal of the two firms is to make it as intuitive as Uber which is the ride hailing application.
The CEO of Microsoft, Satya Nadella had a conversation with the Chief Executive Officer of BlackRock, Larry Fink almost an year ago in which the two discussed about certain creative ways to address the retirement crisis of America.
It was only last year that Fink had addressed the issues associated with longevity as the biggest challenges in terms of finance that their clients face in the current scenario.
According to a survey conducted by Wells Fargo whose reports were published last month, about 40 percent of the citizens of America were not confident that whether they will have enough money in retirement.
Under the $6.4 trillion of total assets that are under management, BlackRock oversees about $1 trillion.
As more and more public as well as private sector firms curtail to the options of retirement schemes in which the employees themselves contribute a part of their salary for retirement, BlackRock is now seeking growth in this space.
Source: BusinessInsider, Head Topics
