Markit, a leading, global financial information services company, today announced that its Markit Enterprise Data Management (EDM) platform has been chosen by BNY Mellon Asset Management. Markit EDM will enable the $1.5 trillion-dollar asset manager to unify significant components of its data management operations and eliminate manual processes.
Markit was selected after an extensive due diligence process and a highly successful Proof of Concept. The first phase of the project will focus on amalgamating, cleansing and validating index data to create a master dataset for analytics. In subsequent phases, BNY Mellon plans to expand the usage of the platform to support the growing data management needs of its global subsidiaries.
Daniel Simpson, managing director and head of enterprise software at Markit, said: “Organisations on the buy and sellside recognise the need for an enterprise-wide platform to take control of their data and break 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 enable the investment manager to have complete confidence in the data used across the business.”