BNY Mellon Asset Management has turned to Markit for an enterprise data management solution that will initially be used to amalgamate, cleanse and validate index data, but could be extended to manage other types of data. The Markit Enterprise Data Management (EDM) platform was chosen after a competitive selection process and a detailed proof of concept.
The proof of concept identified index data as a starting point for EDM at BNY Mellon, with the Markit platform replacing data silos and a mix of manual and automated data management processes at the asset manager’s global subsidiaries with a consolidated repository of index data. The repository is designed to provide a golden copy of index data to all the asset manager’s subsidiaries and is expected to improve both cost and people efficiencies. Planning for this phase of the project is complete, with work beginning at BNY Mellon’s Boston base and first results due in three or four months’ time.
This is not Markit’s first relationship with BNY Mellon, which already uses some of the company’s market data and processing products, and whose investment management subsidiaries Newton and Insight already use the Markit – formerly Cadis – EDM solution, but with $1.5 trillion of assets under management, BNY Mellon is a significant EDM win for Markit.
Daniel Simpson, managing director and head of enterprise software at Markit, suggests BNY Mellon selected Markit not only on the basis of its existing relationship, but also on the success of the proof of concept, other Markit clients using the EDM platform for index data management and the company’s local presence in Boston.
He explains: “Organisations on the buy and sell side recognise the need for an enterprise-wide platform to take control of their data and beak down silos. BNY Mellon is doing just this by taking a top down approach to managing its data across the firm and its multiple global subsidiaries. The implementation will give the asset manager confidence in the data used across the business.”
When BNY Mellon has completed the first phase of the EDM project, Markit hopes it will extend its use of the platform to other datasets. Typically, Markit clients move on to include corporate actions data, which is dependent on index data, or security or pricing master data. Simpson notes that 85% of the company’s 100-plus customers use the platform for more than one type of data.
Looking forward, he says: “Increasing regulation and the need for more risk management means demand for data management solutions is not abating. As well as talking to potential customers about the EDM platform, we are having conversations with a number of tier one sell side organisations that are interested in the managed securities reference data platform we developed with iGate and which is being used by UBS.”
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