In addition to the managed service, Westwood is leveraging the MDM templates in EDM to standardise and accelerate implementation.

The MDM templates comprise of a data model, core workflows and a user interface for common data entities such as fund, party and security data. This provides customers with best practice data architectures and workflows while retaining the flexibility to configure final set up to specific business structures.

“Recent growth and regulatory demands, like cybersecurity, led Westwood to pursue solutions to ensure data quality, create an agile data hub to support growth and maintain regulatory compliance,” said Fabian Gómez, CIO, Westwood. “As we have expanded into emerging markets and global convertible bonds, we sought a partner in this space to support our development and manage our key data needs. The Markit EDM hosted solution provides quality, timeliness, scalability and security as we continue to grow.”

Markit has signed six EDM managed services clients in the past six months.

“Momentum around adoption of cloud-based data management services has significantly picked up in recent months,” said Spiros Giannaros, managing director, Markit EDM. “Westwood is a great example of putting a data management system in place as a foundation to support ever changing business and regulatory environments.”