Market Street Advisors has joined the list of firms linking to The Depository Trust & Clearing Corporation’s (DTCC) new Managed Accounts Service.
Other firms participating in a pilot of this new service include Citigroup Smith Barney, Citigroup’s Global Transaction Services and Vestmark.
Managed accounts encompass a variety of financial products designed for high-net-worth investors that include separately managed accounts, multi-style portfolios, and unified managed accounts, among others.
Currently, the work flow that occurs among investment managers, sponsoring broker/dealers and service providers is based on faxes, phone calls and the manual movement of paper. DTCC’s Managed Accounts Service will automate that communication and link all trading parties through one connection to a central platform.
“We are delighted to have Market Street Advisors join our participant network,” says Ann Bergin, managing director and general manager of DTCC Wealth Management Services.
“We have a growing queue of participants in our test environment, and we’re on a fast track to deliver this solution to the industry before the end of the year.”