Ann Bergin

Welcome to the second issue of Wealth Management Services Quarterly, our new and expanded publication covering our activities in support of the mutual fund, managed accounts and alternative investment markets.

Much has happened since our inaugural issue. Through our subsidiary, National Securities Clearing Corporation, we completed a gargantuan overhaul of our Mutual Fund Profile Service, an initiative that could not have been completed without the broad support of customers and The Investment Company Institute. And I thank each and every one for traveling a long and complicated path toward creating a dynamic, central source for rules-based processing – the first of its kind and one that will continue to evolve as we discover new ways to use it.

In June, on a sweltering day in New York, we and the Money Management Institute brought together 130 of the best and brightest members of the managed accounts world for a summit on how to move the current inefficient operations environment onto an infrastructure capable of helping the business reach its full potential. In spite of the heat, we had close to full attendance throughout all of the sessions, a testament to the depth of interest and frank discussions among attendees.

Lastly, NSCC’s proposed service to bring standardization and automation to processing and settling hedge funds, funds of hedge funds, REITs and other alternative investment products is moving forward, as we gather growing support from the industry. There are still some hurdles to overcome. Alternative investments are complicated, in their structure, risk profile and dense documentation requirements. These factors call for a disciplined approach so that our ultimate solution is not only appropriate for the market, it also meets the criteria of NSCC’s regulatory supervisor, the SEC.

As always, we welcome your comments.

Ann Bergin
Managing Director & General Manager
Wealth Management Services
The Depository Trust & Clearing Corporation