Two of RIMES’ major clients joined forces to create one of Europe’s largest asset management companies. Economies of scale and efficiency in service provision were among the combined entity’s value propositions. Naturally, infrastructure and service rationalization were part of the process – that included its data management spend.
The two clients had somewhat different data platforms, with RIMES providing benchmark and market reference data to both. Following the merger, the new entity opted to move onto a single, strategic data infrastructure. And as part of that process, it put its data contract back out to tender.
The RFP process eventually led to two vendors – RIMES and one of its competitors. The decision came down to one overriding factor: which vendor could provide the superior data value proposition? Key influencers and decision makers included not only Data Ops, but also the middle and front Office systems users, including the Performance Measurement, Portfolio Management, Risk Management, Compliance and Reporting teams.
RIMES already had 98% coverage of the client’s data requirements available at the time of the RFP. New benchmarks can be added quickly and easily when required. By contrast, the competing vendor could only offer about 60% coverage of the underlying data sources, and less for benchmark data.
The RIMES Difference
For over 20 years, RIMES has focused solely on the data management business. Our superior ability to source data, our relationships with data providers and our current breadth of data coverage are the results. We have sourced data from more than 200 index and reference data partners and over 1,000 distinct data sources.
Another distinguishing factor was the depth of RIMES data. We covered all the data fields the client needed their different end-systems and users. Depth is especially important with fixed income data, where there are far more variables involved than in equities. Also, the data is more complex to source and manage.
All Systems Go
RIMES’ superior data coverage and depth allowed the combined entity to quickly decide on its data provider and begin the process of selecting the benchmark and reference data it needed for its new infrastructure.