DTCC Licenses Peridrome's Software for SMA Platform
June 1, 2009
Depository Trust & Clearing Corp. has licensed software from Peridrome Corp. for a new Web portal called MAS Portal that will help DTCC promote its managed accounts service to fund managers.
MAS Portal, which will rely on Peridrome's new Dash WM platform, will reduce the programming costs for investment managers to connect directly with managed accounts service (MAS), which streamlines communications among investment managers, sponsors and service providers using standardized message formats developed by DTCC and a committee of the Washington, D.C., based Money Management Institute.
Investment managers typically deal with a multitude of sponsors, each using proprietary formats and procedures, and are often faced with a flood of paper-based communications that may not contain the necessary information to determine whether an account can be opened.
"Using MAS Portal, investment managers can now directly access MAS to exchange account information with their sponsor partners and begin to benefit from the efficiencies inherent in the service," said Ann Bergin, managing director of DTCC's Wealth Management Services. MAS Portal is set to be launched in the third quarter.
