The Depository Trust & Clearing Corp. has streamlined the service it offers to fund companies looking to fund prospectuses. DTCC is also maintaining the information from this system, the Mutual Fund Profile Service, in a central repository that fund companies and their sales partners can reference. It includes such details as investment objectives, fee schedules, contingent-deferred sales charges and blue-sky information and commission data.
“The launch went flawlessly, with more than 100 fund companies participating and information on over 15,000 securities converted to the new service, which represents 86% of the total securities on our old system,” said Ann Bergin, managing director and general manager of DTCC’s wealth management services. “We have successfully laid the foundation for a single, comprehensive database that will become increasingly beneficial to the industry as we expand its uses and leverage its capabilities.”
The new model eliminates repetitive data entry, streamlines the quality-control process and increases reporting flexibility by fund companies and their distributor partners.
Rather than require a fund company to feed information into different sections—management company, share class, fund portfolio and security identifier—the fund company can feed it once and it will populate the various levels. Distributors can use the same screens to request and access information.