Western Asset Management Company, a USD450 billion global fixed income asset manager based in Pasadena, California, has selected IHS Markit’s Enterprise Data Management (EDM) solution.
Western Asset will be using EDM – delivered as a managed service – to master core data sets including securities, prices, benchmarks and counterparties.
“Transforming our operations and making data an asset are central to our operational strategy,” says Kevin Brennan, Head of Investment Operations at Western Asset. “The EDM platform will provide a single integrated platform to master core data, creating greater leverage in our business model and allowing us to focus more time on other aspects of our operational infrastructure. Our partnership with IHS Markit is emblematic of our transformation efforts, coupling a leading technology platform with a managed service to better serve our global business.”
EDM is replacing internally built applications which will enable Western Asset to centralise its data management practices and improve operational efficiency. The managed service, which runs on Amazon Web Services, will give the business more control over the firm’s data assets with less reliance on technology teams.
“As asset managers face an increasingly challenging market with rising costs and demanding regulations, they are looking for ways to become more efficient,” says Andrew Eisen (pictured), global head of EDM and thinkFolio at IHS Markit. “By centralising their data management in the cloud, Western Asset will achieve greater operational efficiency and the business will be able to make faster decisions based on timely, high quality data.”
