BST Awards 2022: Best buy-side managed data service—Rimes

Overview

Rimes’ Managed Data Service (MDS) is designed to streamline enterprise-wide data management processes across the front, middle and back offices. It provides access to accurate, business-critical data, including exchange-traded funds and ESG data. The firm’s scalable and flexible support model provides management oversight, audit capabilities and supports risk management functions. 

What problem does it address?  

The MDS platform, integrated with the Rimes platform, is available as a one-stop service or as independent offerings based on clients’ needs. Rimes’ architecture stores and manages all data in a single view, supports rapid change requirements and reduces risk and operating costs, delivering accelerated time-to-market using validated data. MDS hosts over 2,000 data sources from more than 720 vendors, comprising indexes, ETF and ESG data, reference and market data, and stock exchanges.

Secret sauce

Rimes provides clients with underlying asset class data and indices to which they are benchmarked, including holdings and benchmark constituents. This enables them to perform portfolio, risk, compliance and performance analysis according to their own specifications. Rimes’ proprietary data mastering algorithms are integrated with the MDS platform supporting front-, middle- and back-office investment intelligence and customers’ downstream data usage, as well as data lakes and third-party providers.

Recent milestones

In 2022, Rimes signed nine new clients and entered the insurance sector. The firm sees the addition of ETF and ESG data and associated specialist services as key differentiators.

Future objectives 

• Expanding capabilities in enriching listed fixed-income instruments.
• Development of MDS data discovery/dashboard capabilities, desktop tools and analytical APIs to support back-testing of model scenarios.
• Expanded distribution of MDS data to client downstream systems through portals, APIs, FTP or directly into applications.
• Advanced query capabilities through the Neo4j graph database management system.

Why they won

London-based Rimes has the most consistent track record of all entrants since the BST Awards were launched back in 2007: It has won at least one category in all but one of the past 15 editions, and this year is no different as it walks away with the best buy-side managed data service category thanks to its Managed Data Service. The service has grown appreciably over the years―it now incorporates over 2,000 data sources from over 720 vendors, comprising indexes, ETF and ESG data, and market and reference data―although the firm’s recipe for success remains unchanged: Rimes “folds” its services around its substantial buy-side clientele, essentially creating unique, customized versions of its offering for each and every one of them.