The Depository Trust & Clearing Corporation (DTCC) partnered with Delta Data Software, Inc., to deliver ongoing enhancements to DTCCs Mutual Fund Profile Service (Profile).
This service is a multi-dimensional, central data source for comprehensive fund prospectus information and rules governing funds operations. The first step will be the introduction in early 2010 of a new Web portal that will enhance a fund companys ability to enter data by providing front-end edits and access to help tools and a standard data dictionary.
Building on the success of this validation tool some 140 fund groups have now provided more than 120 distribution firms with four million data points and an accuracy rate of 99.9% DTCC made a decision to take the partnership to a higher level. In addition to the new portal, Delta Data will provide technical support for the database and implement ongoing enhancements based on DTCCs business requirements. These enhancements will be developed in collaboration with the fund industry and the Investment Company Institutes (ICI) Profile Steering Committee.
The announcement has been broadly welcomed by the mutual fund industry.
The availability of reliable, timely information continues to be a high priority for fund distributors, says Ann Bergin, managing director and general manager, DTCC Wealth Management Services. Profile gives affordable access to data on more than 19,000 individual funds, and our collaboration with Delta Data will help ensure that the service continues to meet the evolving needs of our participants.
Were delighted that DTCC and Delta Data have come together to further support the need for funds to provide accurate fund data and improve operational processing efficiencies. We see this as good for both the industry and for fund shareholders, says Laura Stanley, vice president, Invesco Aim Investment Services, Inc., and chair of the ICI Profile Steering Committee.
We are pleased to play a role in the future modifications to Profile that will continue to enhance its usability for the industry, says Don Beck, chief executive officer, Delta Data. We applaud DTCCs commitment to this initiative, the work of the Committee, and strong participation by the industry. We look forward to continuing the process of making Profile the de facto standard repository it was designed to be, and being part of DTCCs rich tradition of delivering efficiencies to the industry.
L.D.