The Depository Trust & Clearing Corp. is planning to enhance its Mutual Fund Profile Service, expanding data to be more consistent with fund companies' prospectus rules and making it easier for funds to provide customer information to their distribution partners.
The new data fields, which should be available by early 2007, will include information on breakpoint and contingent deferred sales charge schedules, along with minimum and maximum investment requirements. In addition, DTCC has eliminated redundant fields, reducing the chance for error.
"The changes to the profile will make it much easier and faster for fund companies to disseminate updates and new information about their funds to their broker/dealer partners," said Christian Silge, vice president of dealer services in Goldman Sachs' investment management division and a member of an industry steering committee working with DTCC.
"The new architecture will create a more dynamic environment. By eliminating redundant data entry, the process will become simplified and much more efficient. The result is improved data integrity and reduced risk of errors," said DTCC's Ann Bergin, managing director and general manager of distribution services.
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