BBVA Asset Management has selected Markit’s Enterprise Data Management (EDM) platform to centralise and streamline its data. Markit secured the contract after a competitive selection process including workshops and a final proof of concept.
The platform will replace a mix of point-to-point and in-house developed data management solutions and will act as a central hub for all BBVA’s enterprise data, including securities, portfolio, fund, issuer and position data in several countries including Spain, the firm’s headquarters, and Mexico.
BBVA selected Markit on the strength of its platform’s flexibility, customer references and a successful proof of concept. The firm plans to phase in the EDM solution from April next year and will be supported by Markit staff in the early stages.
Daniel Simpson, managing director and head of enterprise software at Markit, says: “What resonates with financial services firms is our ability to provide an holistic view of clean, high quality data from a central hub. BBVA’s global implementation of Markit EDM will allow the firm to centralise its data across continents and use it as a strategic advantage.”
While the implementation of Markit EDM is a significant project for BBVA, it is also a good win of a local Spanish client for Markit, which to date has amassed only a small number of clients in Spain, mostly subsidiaries of UK or US customers. The contract will also expand Markit’s presence in South America, where it already works with HSBC Asset Management in Mexico. Brazil and Mexico are the first South American countries being targeted by Markit from New York, but it is considering whether to enter other markets in the region.
Markit provides its EDM solution for local implementation, as a software-as-a-service (SaaS) hosted solution and as a fully managed service including data maintenance. Simpson says market desire to outsource non-proprietary data is driving particular interest in the SaaS solution, which has been available in the market for a couple of years and is expected to achieve a couple of contract wins late this year or early next year.