DTCC Connection

Sep 01, 2011 • DTCC Connection

DTCC Strengthens Global Funds Processing Business with New Hire

by Rich Marulanda


DTCC has appointed industry veteran Gail Weiss as vice president and head of global business development, Wealth Management Services, to lead the business strategy aimed at securing DTCC’s position in the global mutual funds processing arena, among other key initiatives.


“For 25 years, DTCC has contributed to the phenomenal growth and scalability of the U.S. funds industry, and we are confident that Gail’s exceptional level of leadership and command of the global funds landscape will guide us into new markets, as we extend the cost, risk and distribution efficiencies of our services to more customers,” said Ann Bergin, DTCC managing director and general manager, Wealth Management Services, to whom Weiss reports.


Expanding Mutual Fund Services

In recent years, DTCC has sought to expand its Mutual Fund Services to support the organization’s commitment to the global funds market. In particular, the organization’s multi-currency settlement capability, which is pending regulatory approval, will offer settlement in euros and British pounds sterling, and give customers access to the efficiencies that Fund/SERV delivers to the U.S. market. Offered through a U.K.-based DTCC subsidiary, DTCC Solutions Worldwide Ltd., the cross-border service will fill a longstanding void in global funds processing.


DTCC’s Fund/SERV and Mutual Fund Services are provided by its National Securities Clearing Corporation (NSCC) subsidiary.


European fund market

In 2010, 5.9 million fund orders were processed manually in the cross-border fund centers of Luxembourg and Ireland, according to a May 2011 report published by the European Fund and Asset Management Association (EFAMA) and SWIFT.


“While the European cross-border fund market continues to progress towards standardization and automation, the need for a comprehensive global approach to fund processing remains,” said Weiss. “I am very pleased to join DTCC and I look forward to working with the talented people across the enterprise, and strengthening our industry partnerships to further expand our operations in global markets.”


Background on Weiss

Weiss has more than 20 years’ experience in the financial services industry and is an expert at dissecting back-office operational challenges and constructing scalable, automated solutions with a high regard for financial and regulatory compliance.


Before joining DTCC, she was based in London and held the position of managing director of SunGard’s wealth management business for Europe, Middle East and Africa. In addition, Weiss was the founding partner of Gail Weiss & Associates, a leading provider of financial services software applications and consulting specializing in mutual funds.


Weiss was also a founder of International Clearing Trust Company, which was subsequently sold to TD Ameritrade. She has held senior management positions at Bank of America and Charles Schwab & Co., and has worked at Manufacturers Hanover Trust Company, Bankers Trust Company and The Northern Trust Company.


Weiss earned a bachelor of arts degree in economics from Georgetown University and a master of science degree in financial regulation and compliance management from London Metropolitan University. She holds post-graduate certificates from New York University and Oxford University.@


dtccdotcom