MMI COMMUNICATIONS STANDARDS IS INDUSTRY’S TOP PRIORITY FOR ’09, FUNDFIRE POLL SAYS
---BEST OPPORTUNITY FOR COST SAVINGS, EFFICIENCY AND SCALABILITY ---
Washington, D.C., January 20, 2009 - MMI, the national organization for the managed investment solution and wealth management industry, today announced that adoption of its data standards through the DTCC MAS hub is the separately managed account industry’s top priority for 2009. In a recent FundFire online poll, 26% of respondents selected the standardization effort over 4 other priorities.
In the online survey published on December 30, 2008, FundFire validated that implementing the communications standards was the number one objective for 2009.
The article went on to say “Long-held plans to launch a SMA universal communications hub became a reality this October when influential sponsor Citigroup started using the system and its standardized messaging protocol. Other early adopters include UBS, third-party platform provider FolioDynamix and manager Dreyfus.
Many industry observers hope the participation of the initial firms will create much-needed momentum for the endeavor. The Depository Trust & Clearing Corporation-run hub aims to reduce the inefficiencies and errors that have plagued the often manual-based back-office operations of SMA-focused firms.” FundFire, December 30, 2008. http://www.fundfire.com/poll/20081230/what_priority_industry
Dover Research reported in the new MMI Guide to Managed Solutions that 50% of investment managers are taking steps to improve profitability by investing in back-office technology and infrastructure.
“Greater efficiency and cost reduction are critical objectives in 2009 for our industry. The MMI standards offers one of the best solutions and the DTCC hub offers the opportunity,” said Gary Jones, of Jones & Jones consulting.
For more information please contact Gary Jones @ 973 768 2665 or gjones@mminst.org
The Money Management Institute (MMI) Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of managed investments. Our members’ advice-driven investment solutions are responsive to an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct.For more information, visit www.mminst.org.