In conversation with...
Jeremy Hurwitz

Voice of the Consultant interview by State Street Alpha

What are the most significant data utilization challenges facing firms today?

In this excerpt from State Street Alpha’s Voice of the Consultant series Jeremy Hurwitz shares his views on the legacy data management challenges asset and wealth management firms face today.

Watch this interview to hear Jeremy answer the following questions:

    • How can you tackle the size, scale and dimensions of your legacy data?
    • Why is it important to build friction-less systems, and how can that be done?
    • Which tools are needed to make sense of your data?
    • How can you make your data more digestible for next generation consumers?

Video transcript

Frank Smietana: What are the most significant data utilization challenges facing firms these days?

Jeremy Hurwitz: So, I think the one thing we see as being the monster is the size and the scale and the dimensions of data. As we’ve evolved from a more traditional field attribute level data world, where we worried about getting in security master data, client data, portfolio data, we’re moving now to a massive scale data world where the data can be spatial, it can be digital, it can be media. We have this whole deluge of data that’s coming into our landscape, and we don’t have the capability to either store it, process it, analyze it, and make sense of it. And so one of the biggest challenges we have is changing the data utilization patterns of what we’ve done traditionally, which is handle file data, sort of record-based data to moving to streaming spatial digital dynamic data. So we have to retool our whole data infrastructure in order to be able to handle that. We’ve got to retool the way we store, manage, organize, and then utilize that to allow us to interpolate, predict, use AI, use smart, intelligent processing models to be able to make sense of the data. So that’s number one. 

Number two, we’re going to have to build what I call friction-less systems. We have to allow data to move without causing a tremendous amount of overhead and delay in terms of the way the data processing cycles work. So all of that has to transition, how we store the data, how we move it to the cloud, how we open up the sort of access and the connectivity to the data, and then the tools that we have to allow the data to move around. So cloud to cloud-to-cloud integration, cloud-to-terrestrial integration, old legacy, access to the cloud, all those things have to happen. 

And then we need the ability to have tools to allow us to make sense of the data. So the next generation of AI, BI predictability, sentiment, reading type data tools is going to allow us to really be able to utilize this data in a more efficient way. We also have to worry about the digital control, security, and access to that data. So while we’re opening up and allowing data to free flow and use different formats and different technology to interpolate the data, we have to make sure we keep it secure. So we have to fortify our data environments, and we have to follow regulations. So we have these conflicting demands. One is we want open, we want full access, we want full interpretation and use of the data. On the other hand, we have to make sure the data is secure, protected, and maintained historically to meet all of the regulation requirements that we have around the utility of data. 

And then the third thing really is this idea about reimagining how the next generation of consumers wants to be able to digest their data. So we have, I consider the changing of the guard, the Gen X, Gen Y, and Gen Z are the new kids on the block. They’re going to be thinking about data differently. They want to be fed their data through different technology capabilities, through different interface methods. And so we have to reimagine what that experience is like for the next generation of people. 

In summary, we have to bring the data in, open it up, and be able to use the tools and technology to interpret all the data components in there. We have to secure it and then we have to make it accessible to the next generation of technology consumers.


First, we have to bring the data in, open it up, use technology to interpret all the data components in there, and then secure it. Then we have to make it accessible to the next generation of technology consumers.

Jeremy Hurwitz
Managing Director, Elgin White

Jeremy Hurwitz, Managing Director at Elgin White

Jeremy Hurwitz

Managing Director - North America

Based in Los Angeles, California, Jeremy founded InvestTech Systems Consulting LLC in 1990. As President and Director the Enterprise Data Management and Architecture Practice for more than 25 years he managed over 50 large investment technology, strategy, and implementation projects for many of the largest global investment management firms. Following the acquisition of his firm by Accenture in 2017, Jeremy remained as Managing Director, Asset Management Lead.

Jeremy joined Elgin White in 2022 to lead the firm’s launch into North America. He is recognized throughout the North America asset management community as a thought leader and innovation architect in the design of enterprise data, analytics, and reporting platforms. His deep knowledge, broad buy-side network, and extensive experience deploying business-outcome-focused technology solutions successfully has accelerated the growth of Elgin White in North America.

Stanley Drasky

Managing Director

Stan joined Elgin White in 2020 following an impressive 30-year career working predominantly for world-class buy-side financial services firms in North America and Europe. He is a renowned buy-side technology leader with a reputation for designing and delivering large-scale transformation initiatives at scale and pace. Currently, Stan is especially active leading infrastructure (cloud and managed services) transformation projects.

His most recent roles prior to Elgin White include Chief Information Officer (EMEA) at State Street and various senior positions during his eight-year tenure at Northern Trust Corporation, including Head of IT & EMEA/Global Director of Fund Administration Technology, Global Director of Asset Management Technology, and Director of Trade Execution Technologies. Stan has also held senior Operational and Technology roles at Nuveen Investments and BNY Mellon.

Throughout his career Stan has been a strategic client or partner of every major front-to-back office technology vendor including SimCorp and Charles River Development.

Erik Schutte

Managing Director

Erik founded Elgin White’s consultancy practice in 2019, which transitioned the firm into a full-service buy-side consultancy and resourcing business. He is an experienced front-to-back business transformation professional and has held several senior management positions during his more than 30-year career in the UK and his native Netherlands, as well as Asia Pacific.

Previous roles include Head of Professional Services at SimCorp, Director at PwC UK, and Managing Director for Wealth & Asset Management Services at Accenture UK & Ireland.