New DTCC Service for the Funds Industry Wins Award
by Karen Clarke
DTCC's Managed Accounts Service won a first-place award in the Efficiencies/Streamlining category in the 2007 Source Media's Fund Operations Awards sponsored by Money Management Executive magazine. DTCC's service was honored for bringing "an unprecedented level of efficiency that will help the managed accounts industry take its impressive growth to new heights."
Ann Bergin, DTCC managing director and general manager, Wealth Management Services, also was recognized in the Leadership category as a "dynamic leader and innovator in the financial services industry."
"The Depository Trust & Clearing Corporation's Managed Accounts Service is being honored this year as a top winner in two categories," said Lee Barney, editor of Money Management Executive. "Since the biggest challenge facing the separately managed account industry today is integrating money managers' systems with the proprietary platforms of sponsors, the fact that DTCC has created a centralized communications platform through which the two can communicate will be a tremendous boost to the industry," she added.
Service and leadership
"DTCC is honored to receive this industry recognition for one of our newest services and for an executive who has a history of leadership in the funds industry," said Donald F. Donahue, DTCC chairman-elect and CEO. "Ann and her team's ability to bring the Managed Accounts Service to market at a time of rapid growth in this industry segment reflects our commitment to work with customers to meet their expanding business needs. As DTCC grows its funds business into new areas, the industry will benefit from the vision Ann has demonstrated in the mutual funds market over the years."
The winners, featured in the June 11 issue of Money Management Executive, were honored at the National Investment Company Service Association's General Membership Meeting.
First-of-its-kind
DTCC has been working with The Money Management Institute to develop communication standards for the managed accounts industry, and Bergin was quick to acknowledge the contributions of both internal and external partners in bringing new efficiencies to the industry.
"I want to recognize the contributions of everyone in Wealth Management Services who works so closely with the industry and our customers," Bergin said. "Collaboration is the foundation of our business unit, and this approach has helped us successfully expand into new market segments and create partnerships with industry groups."
DTCC introduced its Managed Accounts Service in 2006, a first-of-its-kind, automated communications service that links managed account sponsors and investment managers to a centralized communications platform. Bergin forged an alliance with Citigroup Smith Barney, the industry's leading sponsor of managed accounts, as the charter firm for the service. The partnership served to jump-start momentum toward an unprecedented level of efficiency in the rapidly growing managed accounts industry.
When DTCC launched the service, a report in the online publication FUNDfire stated, "Industry experts are hailing DTCC's announcement and Citigroup's involvement, calling it one of the largest victories to date in the effort to build a centralized, SMA-focused system."
More on the awards
Money Management Executive began the SourceMedia Fund Operations Awards five years ago to recognize service providers in three key areas: Leadership, Innovation and Efficiencies/Streamlining. This year, six judges reviewed more than 100 nominations, according to Barney.
"We will be keeping a close eye on how DTCC's Managed Accounts Service gains traction beyond charter member Citigroup Smith Barney and the other initial participants once it launches this fall," she added.
Other winners in the Efficiencies category are Goldman Sachs, a global investment banking, securities and investment management firm, and SEI, a global provider of outsourced asset management.
Executives joining Bergin in the Leadership category are Christopher Wilson, president of Columbia Funds, Inc., and Steve Kirchmar of Putnam Investments. @