$242 billion asset manager to replace legacy data systems

Geode Capital Management to overhaul legacy systems ahead of expected growth over next few years.

Asset manager Geode Capital Management has chosen Markit’s Enterprise Data Management (EDM) as it plans a complete overhaul of its legacy data systems.

Markit’s EDM will allow a central data management platform for Geode to expand its business as part of growth plans.

Ed Shea, chief technology officer at the $242 billion asset manager, said the firm’s strategy is to grow on all fronts, “by providing systematic global investment solutions across multiple asset classes.”

He added that Geode expects trading volumes, daily positions and overall data processing to grow significantly over the next few years.

Spiros Giannaros, managing director at Markit EDM, explained the EDM tool “empowers business users in their day to day operations by providing access to diverse sets of trusted data.”

The initial phase of implementation will focus on security master and product master with further data entities to follow, Markit said.

Buy-side firms have come under increasing pressure to replace legacy data systems in response to incoming regulations.