IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, today announced that Western Asset Management Company, LLC, the $450 billion global fixed income asset manager based in Pasadena, California, has selected its Enterprise Data Management (EDM) solution delivered as a managed service. Western Asset will be using EDM to master core data sets including securities, prices, benchmarks and counterparties.

“Transforming our operations and making data an asset are central to our operational strategy,” said Kevin Brennan, Head of Investment Operations at Western Asset. “The EDM platform will provide a single integrated platform to master core data, creating greater leverage in our business model and allowing us to focus more time on other aspects of our operational infrastructure. Our partnership with IHS Markit is emblematic of our transformation efforts, coupling a leading technology platform with a managed service to better serve our global business.”

EDM is replacing internally built applications which will enable Western Asset to centralize its data management practices and improve operational efficiency. The managed service, which runs on Amazon Web Services, will give the business more control over the firm’s data assets with less reliance on technology teams.

“As asset managers face an increasingly challenging market with rising costs and demanding regulations, they are looking for ways to become more efficient,” said Andrew Eisen, global head of EDM and thinkFolio at IHS Markit. “By centralizing their data management in the cloud, Western Asset will achieve greater operational efficiency and the business will be able to make faster decisions based on timely, high quality data.”