Increasing buy-side preference for managed data services prompts significant growth at RIMES.
RIMES, the leading provider of managed data services for the buy-side, today announced strong business growth globally in 2013. With over 40 client wins last year, the firm not only surpassed the 250 client mark, but also expanded into new regions, further penetrated current ones, especially North America, and welcomed a significant number of data partners to its platform.
In North America, RIMES increased client numbers by 35% from 2012. New customers include State Street Bank and Trust, Nuveen Investment Holdings, TCW, ING Investment Management, Ontario Pension Board, Franklin Templeton Companies and Brown Brothers Harriman. RIMES also furthered its global reach by adding prestigious firms such as State Street Global Services and Covea in France, NORD/LB Asset Management and Berenberg in Germany, Nykredit Asset Management in Denmark, MN Services in the Netherlands, Railway Pension Investments and Sarasin & Partners in the UK, and Accident Compensation Corporation in New Zealand.
The strong growth that RIMES displayed in 2013 is attributable to the company’s continued dedication to providing its clients with a managed data service that features the highest standard of coverage, quality and governance. RIMES added 136 new data sources last year, half of which were built as private database solutions for a single client’s use. In total, RIMES now offers nearly 600 standard databases and maintains more than 300 private databases covering all asset classes.
“There are two significant contributors to RIMES’ 2013 success, one is the buy-side’s increasing preference for managed services as opposed to a reliance on internal operations,” explains Ed Batt, Global Head of Sales at RIMES. “While the traditional route demands the creation and implementation of ad-hoc routines, RIMES delivers a scalable service, built to the client’s exact specifications but within a strong framework. The second contributor is the increasing attention from the regulators on data management and governance. A recent RIMES survey showed that 86% of respondents are foreseeing regulations to have a medium-to-high cost impact on their data operations. As a result, data management is now garnering more senior level attention as it increasingly becomes the domain of Chief Data Architects and Chief Operating Officers. As these trends continue to advance, we anticipate additional growth and further expansion in 2014.”