CITIC Securities, a leading international investment bank based in China, has selected GoldenSource as their core enterprise data management (EDM) platform. As part of a strategic middle and back office infrastructure initiative, CITIC Securities is launching the first data management phase with GoldenSource Securities & Products as the security reference data platform.
"We recognize integrated EDM as a critical underpinning to growing current operations as well as enabling us to manage both Chinese domestic market data and international market data in support of our growing Qualified Domestic Institutional Investor (QDII) business," said Paulson Wang, vice president at CITIC Securities. "The GoldenSource 360 EDM platform has proven scalability across multiple lines of business, geographies, and products, which was ideal to support our aggressive growth plans."
CITIC Securities' best-of-breed approach places an emphasis on data management as a foundational layer. With this implementation, the firm will increase straight-through-processing automation, improve risk management through more robust central management, and enhance decision making with timely, quality data.
"We are mindful that China has the highest total banking post-tax profits in the world; however, with the advent of QDII, there are many operational challenges Chinese institutions are struggling to deal with," said Neill Vanlint, managing director of EMEA and APAC at GoldenSource. "CITIC Securities is part of a quickly growing group of leading Chinese financial institutions who are adopting standardized reference data repositories to solve performance, risk and customer reporting related issues. Establishing a strong presence in China with a local delivery capability has enabled us to earn the trust of Chinese institutions that need to scale and support increasing volumes."
"Earning this mandate from CITIC Securities underscores our leadership position in China, and aligns with other GoldenSource initiatives in more established markets," adds Mike Meriton, president and CEO of GoldenSource. "CITIC Securities is the third financial institution to select GoldenSource EDM in China, adding to two leading asset management firms in the country. We have established a permanent presence in Beijing, and are continuing to invest in this fast growing market."