Markit announced that Thornburg Investment Management (TIM) has selected Markit’s enterprise data management (EDM) solution. TIM, a global investment firm with $56 billion in assets under management, will implement Markit EDM to address data quality and governance issues in the firm’s legacy applications and manual processes.

“The implementation of a single data hub will provide us with a flexible architecture to support our evolving business strategy over the coming years,” said Randy Dry, managing director and head of the Institutional Group, TIM.

The project includes building masters for security and price data and creating a data hub for positions, transactions, composite performance and benchmarks. DataStore will also be used to capture daily snapshots of all key entities.

“Using point solutions to manage enterprise data is a common but ineffective approach,” said Spiros Giannaros, managing director, Markit EDM. “By creating master data entities and using Markit EDM as a central hub for integration, TIM is laying the foundations for a long term strategy that will provide interoperability with new sources and consumers of data.”