The Depository Trust & Clearing Corp. has created a web portal for its Managed Accounts Service, to make connectivity to the platform convenient and immediately accessible. The portal will be available in the third quarter.
This is a breakthrough solution that gives investment managers a secure, automated portal from which they can directly access MAS to exchange account information with their sponsor partners and begin to benefit from the efficiencies inherent in the service, said Ann Bergin, managing director and general manager of wealth management services at DTCC.
The portal supports an unlimited number of business partners on their side of a transaction and, thus, addresses the open architecture issue that has plagued the separately managed accounts industry. It also allows users to handle higher account volumes at lower cost, invest customers funds quickly, decrease manual processing and lower operational risk.
Stuart Field, managing director of wealth management at UBS, commented: DTCCs goal all along has been to make the Managed Accounts Service all inclusive. Their user interface is the last piece of the puzzle, as it will benefit investment managers who dont have large IT resources to build a direct link. It also eliminates reliance on myriad sponsor-centric proprietary applications to process the operational portion of their business.
Gina Scavetta, vice president and director of operations at Franklin Templeton, added: The launch of this new DTCC platform is an important step towards the adoption of communication standards and should help alleviate a lot of the operational complexities and redundancies that the industry faces today.