Continuous innovation for EDDIE

Delivery of a fund manager and investment analyst support system for Evenlode.
In partnership with Evenlode, Black Pepper built and continues to develop their core business support system. Continuous innovation allows EDDIE to adapt to each new business challenges Evenlode grows.

  • Evenlode Income Fund grown to £3.6bn

  • Launched Evenlode Global Income Fund in 2017 and grown to £800m

  • Investment team size more than doubled

The Beginning

Evenlode Investment Ltd is a dedicated, independent investment team based in rural Oxfordshire.

Challenges and Objectives

In 2016, Evenlode had plans to expand their business and launch new funds to complement their highly successful Evenlode Income fund. This would allow them to meet their growing client base’s desire to invest in funds with different aims.

The business objectives for EDDIE are to support:

• Quantitative and qualitative analysis of equities
• Monitoring funds’ performance
• Fund investment decision making.

Evenlode invest on behalf of their clients for the long-term. They take a similar long-term approach for their business. EDDIE had to be able to evolve and adapt alongside the business.

The technical bit

EDDIE is a .Net Core, MVC application written in C# and is deployed on Azure. It uses an AzureSQL database. EDDIE connects to third-party market information data sources using RESTAPIs.

We use Azure DevOps with Azure Pipelines for continuous delivery. To provide confidence for frequent production releases, EDDIE has a comprehensive automated test suite usingSpecFlow.


EDDIE’s first release was in 2017 and has had four major phases of work so far up to the summer of 2020. Evenlode was able to launch the Evenlode Global Income fund in 2017 with the support of the business processes builtin EDDIE. This new fund now manages over£800m of client’s investments. Evenlode plan to launch other funds in the future. The original Evenlode Income fund has grown to over £3.6bin value.

To achieve these funds’ growth, EDDIE has supported the growth of the Evenlode investment team, which has more than doubled in size. It provides a core repository of investment analysis and decisions and EDDIE makes it easy for the larger team to share analysis and keep track of the data that drives investment decisions. Alongside this, EDDIE’s scope has expanded to include supporting Evenlode’s stewardship framework. This helps them manage their engagement with the companies they invest in on behalf of their clients.

Overall, the main purpose of EDDIE (to support and streamline Evenlode’s investment team business processes) has been a great success.

“The EDDIE project was transformational in allowing us to scale our business while retaining the high quality of analysis that our clients expect. The creation of a proprietary software system presented us with a significant challenge. Fortunately, we found the ideal partner in Black Pepper. The team helped us analyse our current processes and specify, design and improve systems for use in the cloud. The result has been a system that is core to our everyday activities and is regularly showcased to clients as a differentiating factor in our investment process. As importantly, the Black Pepper team has been a pleasure to work with and we continue to greatly appreciate their support and input into our future technical developments.”

Chris Elliott
Fund Manager, Evenlode

So what next

EDDIE has become an intrinsic tool for Evenlode. The intention is that it will grow and evolve with the business and support them longterm. The Evenlode team has a full programme of new features planned to support their business priorities. Black Pepper will continue in partnership with them to innovate the platform, deliver new functionality and ensure that EDDIE remains fit-for-purpose for the foreseeable future.