UK fund manager Baillie Gifford has contracted Finbourne Technology to provide its Lusid data management platform as the source of its investment book of record (Ibor).

The platform will be used to consolidate data across Baillie Gifford’s equity, fixed income and multi-asset portfolios.

The firm previously managed its Ibor in-house but has turned to a third party as part of what Finbourne co-founder and CEO describes as “a growing number of clients who accept a new standard for investment data management is required”.

The move is also part of Baillie Gifford’s plan to move to a simplified cloud infrastructure.

“Having traditionally developed our processes and technology in-house, Lusid will provide a cloud-native, open-source architecture, that delivers the operational efficiency and transparency we desire today, along with advanced technology, that our teams can build and scale up in the future,” said Richard McGrail, IT partner at Baillie Gifford.

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