Enterprise Data Management Implementation

Background:

An Investment Manager with approximately $40 Billion AUM, at the time the relationship was established, has ambitious growth plans but recognizes that a range of existing data and process limitations are constraining efforts to scale their business.

Increasing demands for data from internal and external parties, along with the ability to meet those demands, led the client to establish a new strategic plan for systems and an operating model embodying industry “best practices” with an initial focus on data management.

The client reached out to Reformis to assist in defining and realizing these goals with the intent to:

  • Draw on Reformis’ wider industry knowledge
  • Obtain implementation specialists who can direct and assist with the development and integration of newly selected platforms, as their internal resources were already overstretched
  • Augment internal talent and capabilities with subject matter experts from Reformis

Business Drivers:

  • Growth Plans – requires scalability of all operational processes
  • Increased data demands from internal & external parties
  • Move towards more “self-service” data availability
  • Consistency and accuracy of data
  • Generation of coherent and historically complete investment story for all strategies

Reformis Solution

EDM Implementation
Following the advisory phase and the proposal of IHS Markit EDM, Reformis led the implementation phase of the product starting with Security and Issuer Master along with significant systematic validations for pricing and other key data points.

Reformis resources on the project included a project manager, technical and business analysts. As the result of a successful implementation, the client was able to automate most of their manual processes.

Automation included new security setups, SOD and EOD data validations (security, pricing, and issuer entities) against sources, daily EOD pricing, corporate actions identifier changes, the ability to manage data from a web UI and push to multiple downstream systems.

Key benefits achieved:

  • Cost Optimization – leveraged existing sources of reference data to achieve consolidation efficiencies and enhanced service delivery while removing dependency from other less efficient sources
  • Resource Optimization – reduction of several meaningful manual tasks which allowed client to focus key personnel on more important core business functions
  • Data Accuracy – business rule validations were automated and allowed staff to review and manage exceptions from a single web dashboard throughout the day. This also reduced the risk of manual errors and created a single record of truth
  • Data Infrastructure – created a foundation for the future of data driven projects to help modernize a future operating model

The following integrations were included as part of the project implementation:

  • Markit EDM
  • OMS & Accounting Platform
  • Datawarehouse (Internal & Third-Party)
  • Multiple well-known Third-Party Market Data Providers
  • Third-Party Sanctions & Restrictions Data
  • Internal Proprietary Research System

Our consultants initiated the implementation on-site and transitioned to successfully completing the project virtually due to the COVID-19 pandemic.

Reformis remains engaged with the client to help them ensure industry best practices are implemented and maintained.

 
 
 

Evan Fire, COO of Pzena Investment Management…

“Philosophically we look to establish real partnerships with any third-party we choose to work with. Reformis was no different and we quickly found the quality of their people and their associated work ethic to be a fantastic match with our culture. We worked side-by-side to build a complex data solution that lays a foundation for our future. We couldn’t be happier with the work that was done and now have a team that we know we can call on anytime we need help in the future.”

Rav Swamy, CEO, Americas of Reformis…

“Pzena and Reformis were able to create a great working relationship, working as a single unit to achieve innovative solutions to complex issues. We are ecstatic with the outcome of this partnership and are honored that Pzena chose Reformis to be part of their extended family.”

About Pzena Investment Management
Pzena Investment Management is a global investment management firm that employs a classic value investment approach. The firm began managing assets on January 1, 1996 and became listed on the NYSE in 2007. We believe that we have established a positive, team-oriented culture that enables us to attract and retain highly qualified people. We have built a diverse, global client base of respected and sophisticated institutional investors, sub-advisory relationships and Pzena product offerings. Our offices are located in New York, London, and Melbourne.

About Evan Fire
Evan Fire, Managing Principal, Chief Operating Officer, and member of the firm’s Executive Committee. Mr. Fire joined the firm in 2003 and has held several roles during his tenure, including Chief Information & Operations Officer and Chief Information Security Officer, responsible for the oversight of the Portfolio Accounting, Portfolio Implementation, Trading & Settlement, and Information Technology groups at the firm. An impassioned leader, with a reverence for the pursuit of excellence and an unwavering commitment to teamwork; he carefully balances the ever-changing global relationship between corporate operations, IT and cyber security. Throughout his career, Mr. Fire has helped Pzena Investment Management by implementing innovative, technology-first, solutions designed to create operational efficiency and has been instrumental in developing strategy to meet growing regulatory demands. Prior to joining Pzena Investment Management in 2003, he served as a Relationship Management Assistant at Brown Brothers Harriman and prior to that he worked as a Client Service Representative at Sanford C. Bernstein & Company. He earned a B.S. in Management and Finance from the School of Management Honors Program at Binghamton University.

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