Major Asset Manager Transforms its Data Management Operation Through Partnership
The client is a major global asset manager with around US$153 billion under management. The firm has been in business for over 140 years, is quoted on the London Stock Exchange, and operates from eight offices, serving a combination of insurance clients, institutional investors and private individuals.
The client operated a diverse range of in-house departmental systems, which had evolved over time. Index data and benchmarks were acquired directly from the vendors, which led to increasing data management costs and data inconsistencies. As the company had to manage an increasing volume of complex data, it became aware of its increasing exposure to operational and reputational risk. Following a thorough cost-benefit analysis, it was decided to find a specialist vendor that could provide a single source of reliable benchmarks data for all systems.
The challenge was further complicated by a very complex business structure. Some of the client’s larger pension funds invest in multiple products, creating a multi-tiered system of benchmarks at many levels. The solution needed to be flexible enough to cope with the varying needs of different teams, from trade input to reconciliation, as well as handling bulk exports to client systems.
The client decided that RIMES was the only solution that could meet its exacting requirements in terms of data coverage, quality and timeliness. After a thorough evaluation, the client was confident that RIMES could meet all of its immediate and strategic requirements.
One of the major benefits of working with RIMES has been the ability to handle a large and growing volume of complex data faster than was previously possible. The investment managers have more confidence in the data and can focus on investment decisions rather that data management.
The client has also experienced a transformational improvement in its overall business agility. New mandates can be fulfilled quickly and with minimal disruption and the business is increasing in both scope and scale.
“Outsourcing our benchmarking data to the experts is creating significant efficiencies throughout our business. And crucially, it also gives us greater credibility among our clients, improves our scalability and allows us to drive our business forward.”