WestLB rolls out Asset Control data management platform
31 July 2007 | 3939 views | 0
German banking group WestLB is installing Asset Control's flagship data management technology, AC Plus, at its operations division.
The AC Plus platform, which replaces WestLB's legacy mainframe-based system Wagner Gattung, will distribute cleansed reference and corporate actions data to all of the bank's businesses worldwide.
Yoram Matalon, chairman, group operations committee, WestLB, says: "We will now be able to work within a multisource environment to manage our reference and corporate actions data via a scalable platform that can grow along with our future needs."
Asset Control says the product will also enable the bank to add additional vendor feeds in future, enhancing data quality and breadth of coverage.
"We will be able to move, incrementally and on our own schedule, to the addition of new data feeds and the eventual centralisation of all of our data," adds Matalon.
In April the venture capital arm of Fidelity Investments bought a majority stake in Asset Control and appointed former Reuters America CEO, Phil Lynch, as chief executive and president.