Money Management Institute Singled Out DTCC For Operational Scalability

The Depository Trust & Clearing Corporation (DTCC) has been given two awards by the Money Management Institute (MMI) for demonstrating innovation and growth in the managed solutions industry, through its Managed Accounts Service (MAS). The awards were presented at the

By None

The Depository Trust & Clearing Corporation (DTCC) has been given two awards by the Money Management Institute (MMI) for demonstrating innovation and growth in the managed solutions industry, through its Managed Accounts Service (MAS). The awards were presented at the MMIs recent annual conference and Industry Leadership Recognition Dinner.

DTCC was singled out as 2009 Managed Solutions Vendor of the Year and also won in the 2009 Managed Solutions Operational Improvement of the Year category. Other firms nominated for Vendor of the Year were JPMorgan Chase and Citi. Citis Global Transaction Services business unit and the technology provider Vestmark were also nominees for Operational Improvement of the Year.

Through a single, centralized platform, MAS streamlines communications related to opening and maintaining customer accounts throughout their life cycles. The service allows sponsors, investment managers and service providers of managed accounts to handle higher account volumes at lower cost; invest their customers funds quickly; decrease manual processing; and leverage the technology of DTCCs secure and resilient infrastructure, which settled more than $1.88 quadrillion in securities transactions in 2008.

Despite enormous challenges of the past year, the industry has produced outstanding developments and innovations, says Christopher L. Davis, president, MMI. DTCC has been tireless in educating the industry on the need for an operational model that can help build scalable businesses. It has consistently supported our efforts to standardize data messaging by aligning enhancements to MAS with our releases.

With its open architecture and industry standardized messages, the MAS hub helps users overcome operational obstacles and manual processes that have challenged the managed account industry for years, says Len Reinhart, chairman emeritus of the MMI Board of Governors. It brings a new level of operational scalability that allows multiple investment manager and sponsor clients to focus on their core services.

Im honored to accept these awards and would like to particularly acknowledge the efforts of our partners David Gardner and Brett Ginter of SMART Consulting over the past several years, says Ann Bergin, managing director and general manager, Wealth Management Services, DTCC.

L.D.

«