BlackRock and Microsoft develop retirement platform

BlackRock will partner with the global technology giant to develop a new retirement platform.

Noting the responsibility for retirement planning now rests with millions of Americans, Microsoft has partnered with BlackRock, and the two global giants intend to help people develop better investing habits by regularly engaging with their retirement assets.

The project, launched in December last year, will see Microsoft's expertise in technology combine with BlackRock's investment capabilities in the pursuit of a new platform which BlackRock will offer in connection with "next generation investment products" the firm will design and manage.

BlackRock said its new products would be designed to provide US workers with a lifetime of income in retirement. The firm said the new products would be accessible through the employer workplace savings plans offered to US workers.

The two firms believe retirement solutions have been "slow to keep pace" with technological transformations already revolutionising other industries.

BlackRock chairman and chief executive Larry Fink said the partnership would allow the firms to build a "powerful solution for millions of hardworking Americans."

"Retirement systems worldwide are under stress, and providing financial security to retirees has become one of the most defining societal challenges of our time," Fink said.

"BlackRock has a tremendous responsibility to help solve this challenge, and we recognise the need to act now."

Microsoft chief executive Satya Nadella said the firms would use cloud and artificial intelligence technology in pursuit of the right retirement solution.

"Today millions of Americans are struggling to achieve their financial goals for retirement," Nadella said.

"Together with BlackRock we will apply the power of the cloud and AI to introduce new solutions that address this important challenge and reimagine retirement planning."

Read more: RetirementBlackRockUSMicrosoftAmericaLarry FinkSatya Nadella
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