An information processing system and computer program storage product for managing objects stored in a shared memory cache. The system includes at least a plurality of cache readers accessing data from the shared memory cache. The system updates data in the shared memory cache using a cache writer. The system maintains a cache replacement process collocated with a cache writer. The cache replacement process makes a plurality of decisions on objects to store in the shared memory cache. Each of the plurality of cache readers maintains information on frequencies with which it accesses cached objects. Each of the plurality of cache readers communicates the maintained information to the cache replacement process. The cache replacement process uses the communicated information on frequencies to make at least one decision on replacing at least one object currently stored in the shared memory cache.