Bloomberg LP is once again expanding beyond its traditional terminal market data business and has launched a real-time research platform that covers over 100 industries and is available as part of the Bloomberg Professional service.
Following May's announcement of the PolarLake acquisition, which signaled Bloomberg's entrance into the enterprise data management (EDM) space, Bloomberg has upped the stakes in the research market by adding Bloomberg Industries (BI) to the Bloomberg Professional service at no additional cost.
[For more on how Bloomberg is expanding into other products and services, read: Bloomberg LP Moves Into EDM Market, Acquires PolarLake.]
BI, which has been ramping up its coverage during the past year, already has over 100 research professionals covering more than 100 industries in North America, Europe and Asia. The platform combines analysis and insights from experienced industry analysts combined with Bloomberg's industry data, news and analytics, according to Bloomberg.
BI senior analysts, who have an average of 17 years' experience at buy- and sell-side firms, create and manage data and analysis for each industry's drivers, metrics, competitors, themes and earnings. Currently, 60 percent of the analysts are in North America, 30 percent in Europe and the remainder in Asia.
The BI portal also aggregates information on specific sectors from more than 200 third-party providers, creating a central repository for analyzing an industry's past and present performance, as well as future forecasts, according to Bloomberg.
"BI is the first and only real-time research and data platform," said David Dwyer, director of global research, Bloomberg Industries during a press conference. "These dashboards are live and are updating every day."
Dwyer added that BI was created so users could spend less time searching for data and more time creating investment ideas. "Clients spend too much time [searching for] and manipulating data," Dwyer said. "We want them to come up with more ideas, and to create them faster. Bloomberg Industries allows users to find details very quickly."
BI's research, which does not include stock recommendations, is designed to complement the work of buy- and sell-side analysts and provide industry trends to analysts, portfolio managers, traders, salespeople, bankers and corporate management, according to Bloomberg.
"Our goal is to provide objective industry research, analysis and insights at our customers' fingertips, so they can spend less time finding and manipulating data and more time creating value-added investment ideas," said Tom Secunda, Bloomberg's Co-Founder and Head of Financial Products and Services, in a press release.