Connections


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Connections

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FRONT PAGE - Products


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FRONT PAGE - Under IW


Click here for an important article from the
The Wall Street Journal:
New Managed Accounts Tax Benefits


Bank Insurance & Securities Marketing:
Meeting the Needs of the High-Net-Worth Client

FRONT PAGE - Important


May 27, 2008 - Gateway to Leadership Internship Program Enters Second Year (Read More)


May 5, 2008 - The Money Management Institute (MMI), the national organization for the separately managed account and wealth management industry, today published interim industry data via an MMI Flash Report. (Read More)


January 16th, 2008 - DTCC Completes End-to-End Testing Of Managed Accounts Service With Citi (Read more)


January 4th, 2008 - The SEC, posted a 219-page report on its Web site yesterday on business practices by brokers and investment advisors and the public perceptions of them. The SEC had commissioned the report amid mounting controversy over differing regulation of brokers and advisers. The long-awaited report by Rand Corp. doesn’t make recommendations to the Securities and Exchange Commission but describes business practices. Read the full report here.


October 24, 2007 - FUNDFire SEC Exec Hints at More Oversight of SMA Biz - The federal agency’s investment management chief sends a “shot across the bow” of SMA industry in a cordial but clear message to make sure firms don’t overreach. Read more here.

FRONT PAGE - Events


Executive Leadership Roundtable

Vail Valley Colorado
Park Hyatt Beaver Creek Resort & Spa
August 13-15, 2008
Registration Info & Agenda
Hotel Reservations: 800-778-7477
SOLD OUT!

MMI Fall Conference

October 16-17, 2008
The Roosevelt Hotel
New York, NY
Save the Date!

Private: MMI Central (Summer 2007)


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MMI Central

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Gateway to Leadership


About Gateway to Leadership

Gateway to Leadership is a joint initiative of the National Association for the Advancement of Colored People (NAACP) and The Money Management Institute (MMI) to provide summer internships for undergraduate students attending America’s Historically Black Colleges and Universities (HBCUs) at leading financial services firms. It is the only program of its kind that promotes workplace diversity focused exclusively on the financial services industry, in partnership with the NAACP and offering career long guidance and counseling to its student participants.

A special message from Chuck Widger

A special message from Chuck Widger of Brinker Capital to the inaugural class of Gateway to Leadership, delivered at the orientation session held in Washington, DC, on May 17, 2007. View Video

Press Release

Press Release: Landmark Internship Program Brings Diversity to Wall Street Firms. View Press Release

New Request Form


This is a request for the adoption of a new standards notification.

Contact Information:

Name(s):
Company Name:
Company Address:
Company City
Company State
Company Zip:
Phone Number:
Fax Number:
Email:
Name of Proposed Notification:
Business Purpose (Provide examples on how this notification will be utilized):
What similar existing messages, if any, do not accommodate the need:

Anticipated Primary Users:
Ex: Sponsor, Investment Manager, Custodian

Anticipated Volume of Messages:
Ex: Volume per Month
Demonstrate how this notification will satisfy/benefit the needs of many:
Provide a listing of the anticipated fields that will be utilized:

What similar messages exist within other systems/standards:
Please provide examples

Amendment Request Form


This is a request for the amendment of a standards notification.

Contact Information
Name(s):
Company Name:
Company Address:
Company City:
Company State:
Company Zip:
Phone Number:
Fax Number:
Email:
Name of Amended Notification:
Business Purpose (Provide examples on how the existing notification does not suffice):
What similar existing messages or fields, if any, do not accommodate the need:
What, if any, table needs to be amended:
Provide a list of the anticipated fields that will be modified:

Anticipated Primary Users:
Ex: Sponsor, Investment Manager, Custodian

Anticipated Volume of Messages:
Demonstrate how this amendment will satisfy/benefit  the needs of many:
What similar messages exist within other systems/standards:

Standards Release Process


The Data Standards Committee will review new, changes, edits, and deletions of the data standards.

Request for Creation of or Amendment to Standard Messages:

Requests for new or amended messages should use the attached form(s) and be addressed to any current working group member of the MMI Data Standards Committee. The committee convenes, at least, on a quarterly basis. The committee will respond to the request within two weeks after the next regularly scheduled meeting. The proposed message or amendment should be unique, serve multiple users, and be justified from a business perspective. Please be sure to complete all necessary fields when submitting a request so the proposal can be accurately evaluated. Valuation factors will be based on industry need for messaging and the benefit to industry participants.

Upon analysis of the proposed message or amendment, the Committee will respond accordingly to your request as follows:

New Message
Suggested Message Approved
Suggested Message Rejected
More Information Required
Standard Notification Already Exists

Amended Message
Suggested Amendment Approved
Suggested Amendment Rejected
More Information Required
If the Data Standards Committee approves the request, it will be presented to the Technology & Operations Committee and ultimately the MMI Board of Governors for approval. Once approved, it will be sent back to the Data Standards Committee for development. The development process consists of three parts: Plain English, Data Requirements, and Technical Working Group Review. The Plain English document provides an overview of the purpose and details about the message. Matrix fields are identified for each notification as either mandatory or optional. Once the Plain English and Data Requirements have been defined, the Technical Working Group reviews and completes the notification. The Committee may be in contact with you for additional detail as necessary. Implementation of the suggested new standard will be prioritized and occur with other regularly scheduled releases. Each release will be published on the MMI website.

Please be advised that changes to an existing notification will require some technological enhancements. Appeals may be presented to the chairperson(s) of the Data Standards Committee.

Private: Committee Roster


Members can view the roster here.

Release Process


Request for Creation of or Amendment to Standard Messages:

Requests for new or amended messages should use the attached form(s) and be addressed to any current working group member of the MMI Data Standards Committee. The committee convenes, at least, on a quarterly basis. The committee will respond to the request within two weeks after the next regularly scheduled meeting. The proposed message or amendment should be unique, serve multiple users, and be justified from a business perspective. Please be sure to complete all necessary fields when submitting a request so the proposal can be accurately evaluated. Valuation factors will be based on industry need for messaging and the benefit to industry participants.

Upon analysis of the proposed message or amendment, the Committee will respond accordingly to your request as follows:

New Message
Suggested Message Approved
Suggested Message Rejected
More Information Required
Standard Notification Already Exists

Amended Message
Suggested Amendment Approved
Suggested Amendment Rejected
More Information Required
If the Data Standards Committee approves the request, it will be presented to the Technology & Operations Committee and ultimately the MMI Board of Governors for approval. Once approved, it will be sent back to the Data Standards Committee for development. The development process consists of three parts: Plain English, Data Requirements, and Technical Working Group Review. The Plain English document provides an overview of the purpose and details about the message. Matrix fields are identified for each notification as either mandatory or optional. Once the Plain English and Data Requirements have been defined, the Technical Working Group reviews and completes the notification. The Committee may be in contact with you for additional detail as necessary. Implementation of the suggested new standard will be prioritized and occur with other regularly scheduled releases. Each release will be published on the MMI website.

Please be advised that changes to an existing notification will require some technological enhancements. Appeals may be presented to the chairperson(s) of the Data Standards Committee.

Contact Us


For questions or comments regarding the data standards, please contact Gary Jones.

Email: gjones@mminst.org

Events


Please watch for your invitation to the up coming Brainshark seminars.

The MMI Vendor Industry Information Seminar
When: December 6th 2006
Where: The Yale Club of New York City
More Information

Join the Committee


The Data Standards Committee is eager to expand its committee membership and reach. If you are interested in joining the committee or have questions, please contact one of our co-chairs listed below or contact Gary Jones .

Michelle Curley (Michelle.curley@citi.com)
Citi Global Transaction Services
Co-chair, MMI Data Standards Committee

Gilbert Veconi (Gib@peridrome.com)
Peridrome Corp.
Co-chair, MMI Data Standards Committee

All applicants must be from a MMI Member Firm. Current membership is open to Investment Managers, Sponsors, Broker Dealers, Custodians, and Service Providers.

News and Information


From here you can download our latest Quarterly newsletter and other information.

MMI’s Standards Effort Recognized by Operations Management

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Press Release

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Operations and Communication Standards Update Letter

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Update Letter

File Size: 82.7 KB

MMI leads industry to embrace communication standards which will be the backbone for building efficient, scalable operations and systems.

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Press Release

File Size: 66.4 KB

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Communications Upgrade

File Size: 631.3 KB

Tools


The MMI Data Standards comprise three published components: The Plain English Data Standards; The Catalogue of Messages; and The Data Reference Tables.

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Message Standard Executive Overview

File Size: 72.9 KB

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MMI Data Standards Governance

File Size: 168.8 KB

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3rd Edition Table Type Codes

File Size: 69.6 KB

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3rd Edition Plain English Standards

File Size: 1.7 MB

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3rd Edition Matrix Table

File Size: 156.8 KB

Members Only: Accenture Data Standard Recommendation (Executive Summary)

About the Standards


What are the data standards?

MMI and the Operations and Communications Standards Committee believes the current state of connectivity in the managed solutions industry does not allow for the efficient flow of data between the sponsors, investment managers, broker dealers, and custodians that service the industry. The Data Standards Committee is committed to an electronic solution to connect sponsors, investment managers, broker dealers, custodians and other industry participants in order to handle client requests more efficiently. Furthermore, the future growth of the industry may be significantly inhibited if data standards are not implemented.

What is the Operations and Communications Standards Committee?

The Operations and Communications Standards Committee as a subcommittee of the Technology and Operations Committee, is responsible for the development and release of the MMI data standards. The Committee members are dedicated individuals with a vast array of experience from trading desks and operational areas to technology, and are generally in senior management roles within their firms.

Who is on the Data Standards Committee?

PARTICIPANTS
Suzanne Akers
James Kiernan
John Axisa
Maggie Klasen
Brian Bleasdell
Vinny Lepore
Liz Boldis
Walter Makarucha
Renee Bowen
Vincent Manning
Paul Bucaoto
Tom McGann
Cheryl Cohen
Diane Murphy Goldstein
François Coeytaux
Bill O’Dell
Liz Conklin
Jim Quartuccio
Michelle Curley
Christine Rogers
Allen Dionne
Ernesto Small
Sandra Robinson
Roger Stevens
Mary Gentempo
Bridget Vaughn
Dannie Gray
Gib Veconi
Lorenzo Harris
Denean Williams
Lynn Zabner

PARTICIPATING FIRMS
ADVISORport
Lockwood®
AIM Private Asset Management, Inc.
Lord Abbett & Co. LLC
Allianz Investors
Managers Investment Group
Bisys
Merrill Lynch Investment Managers
CheckFree Inc
Money Management Institute
Davis Advisors
Nuveen Investments
DTCC
Old Mutual Asset Management
Franklin Templeton Portfolio Advisors
Placemark
Gartmore Separate Accounts LLC
Prudential Investments
Goldman Sachs
SEI Investments
INVESCO
State Street Wealth Management Svcs.
JP Morgan Asset Management
UBS Financial Services Inc.
Wells Fargo

Board of Governors List


Leadership

Board Members

Member List


The Money Management Institutes members includes some of the most successful portfolio manager firms and sponsors of investment consulting programs. Our members come from all over the globe.

Member Benefits


Outreach to Financial Reporters

MMI is conducting an aggressive media relations program to educate financial reporters on managed solutions. At a time of unprecedented market volatility, our information and availability to assist reporters has gained our industry considerable positive coverage and contributed to our industry’s continued growth. Whenever possible, we offer our members as sources for reporters, thereby allowing our member firms to take advantage of the Institutes ongoing media liaison efforts.

A Source of Industry Information

The Institute is developing a comprehensive database on the managed solutions industry and serves as the definitive source of information on both managers and sponsors. Financial reporters regularly turn to MMI for information on the growing popularity of managed solutions and the Institute has been a noted reference in articles by Business Week, Barron’s, Dow Jones News Service, Gannett News Service (USA Today), Wall Street Journal, New York Times and other publications.

Identifying Industry Trends and Best Practices

The Institute periodically conducts carefully focused surveys of its members to gauge industry practices/trends and, in some cases, to enable firms to benchmark themselves with other firms. A survey of compensation practices for sales/marketing staff examined correlation between compensation and asset growth/retention as well as other variables. A similar survey collected data analyzing costs and productivity of administrative support staff. Reports are available for members only and members may propose other research topics or request custom analysis of MMI survey data.

Uniting the Industry

The Institute has begun offering regular Internet Meetings for its members on sales/marketing issues as well as on administration/operations topics. These conference calls over the Internet bring real time audio together with visual presentations, allowing senior executives at our member firms to interact and share their insights and concerns on a broad range of topics confronting their businesses.

The Institute convenes an annual meeting each spring bringing together the industry’s top management to address key issues and hear from news-making speakers. At prior years’ meetings, some of our featured speakers included Federal Reserve Board Governor Edward Gramlich, World Bank Chief Economist Joseph Stiglitz, former U.S. Department Commerce Secretary Pete Petersen, Thomson Financial Publishing’s CEO Andrew Mills and CBS News Chief Economics Correspondent Ray Brady. The spring conference is by invitation only and regularly attracts the managed account industry’s most senior executives from money manager firms and sponsor firms alike.

MMI also sponsors the Money Managers’ Roundtable, a group of senior executives from money manager firms who address key issues facing their business. Chaired by Stephen Gresham, Executive Vice President, Chief Sales & Marketing Officer at Phoenix Investment Partners and Matt Witkos, President, Eaton Vance, the Roundtable is a convenient and informal (and off the record) means for money managers to share information with each other.

Helping New Entrants to our Industry

The Institute is committed to assisting those companies new to managed solutions enter our business and do so successfully by avoiding the problems experienced over the years by our more accomplished members. MMI offers regional conferences bringing very seasoned professionals to discuss the key issues our new entrants must grapple within their business development plans. These meetings have very interactive discussions between our speakers and the audience and offer new entrants unique insight and information.

Eliminate Burdensome Regulations

MMI succeeded in gaining regulatory approval from the SEC to eliminate the obligation to send trade confirmations to investors who do not want to receive them, thereby reducing operating costs and removing a source of investor irritation. The Institute provides liaison with regulatory agencies and, when needed, with the Congress and serves as an expert resource while participating in public policy discussions that may affect investors and our members’ businesses.

Solving Problems for the Industry

The Institute seeks to resolve long simmering operational problems that prevent member firms from operating more efficiently and reporting in AIMR compliant fashion. Additionally, AIMR account records retention requirements are burdensome for money managers and the Institute is examining new technologies in order to resolve this problem.

Membership Meetings

MMI holds an invitation only member meeting in January that provide an informal opportunity to bring the industry’s leaders together to exchange ideas and share concerns on how to best grow the managed solutions business and operate it more efficiently. To ensure real give and take among the executives in our discussions, these meetings are limited to two participants from each member firm.

Contact Us


Address:
1140 Connecticut Avenue, NW
Suite 1040
Washington, D.C. 20036-4001

Main Phone: (202) 822-4949
Main FAX: (202) 822-5188

MMI Leadership & Directory:

Brian Jacobs, Chairman of the Board of Governors

Christopher L. Davis, President
Email: cdavis@mminst.org

For Membership Inquiries:

Arlen Oransky, Vice President, Membership Development
Email: aoransky@mminst.org
Phone: 212-309-6451

For Communication Standards Inquiries:

Gary Jones, Vice President for Industry Operations
Email: gjones@mminst.org
Phone: 973-768-2665

For Press Inquiries:

Hilary Fiorella
Email: hfiorella@mminst.org
External Affairs Advisor
Phone: 908-655-7760

MMI Staff:

Bradford Kitchens
Email: bkitchens@mminst.org
Chief of Staff

Jackie Jones, Director, Meetings & Events
Email: jjones@mminst.org

Kevin R. Gray, Manager for Special Projects and Membership Services
Email: kgray@mminst.org

Laura Payne, Committee and Data Project Liaison/Special Projects
Email: lpayne@mminst.org

Michelle Marsh, Comptroller
Email: mmarsh@mminst.org

Chris Adamson, Executive Assistant
Email: cadamson@mminst.org

Please contact us for further information and a membership application.

Managed Accounts


Managed accounts are individual investment accounts offered by financial consultants who provide advisory services and managed by independent money managers using an asset-based fee structure.

A managed account investment program combines several services in a customized solution to investing. These services include investment planning, policy development, manager search and selection, portfolio management, performance measurement and trade execution. All of these valuable services are wrapped together into a comprehensive investment program. Rather than paying separately for these services, investors using a managed account pay a single fee.

In a managed account, everyone shares a common objective-to see that the investors’ portfolio grows in value.

Managed Account Investment Process

To provide this customized service, financial consultants:

MMI’s Separately Managed Accounts Operations Communications and Data Standards describes, diagrams and defines a standard set of operating and communications process flows and message specifications for the Managed Accounts industry. This document will serve as the SMA industry repository for current and future standards. The MMI Standards are copyrighted to the Money Management Institute; however, MMI imposes no license fees for use of its data standards and makes its standards available for industry use without charge.

Managed Account Benefits

The Money Management Institute was created in 1997 to serve as a forum for the managed account industry’s leaders to address common concerns, discuss industry issues, work together to better serve investors and coordinate with public policy makers.

About MMI


The Money Management Institute (MMI) is the national organization for the managed solutions industry, representing portfolio manager firms and sponsors of investment consulting programs. Financial advisor’s employing managed investment solutions on behalf of their clients typically perform several valuable services including development of a sophisticated analysis of the client’s financial needs, determination of appropriate investment objectives, and the selection and monitoring of independent professionals who manage the client’s funds according to specific disciplines and styles.

The MMI was organized in 1997 to serve as a forum for the industries leaders to address common concerns, discuss industry issues and work together to better serve investors. The Institute is the leading advocate for these industries on regulatory and legislative issues.

MMI Membership

MMI’s membership comprises:

Membership is not available to investment advisors or individual investors.

MMI Standards
MMI’s Communications and Data Standards describes, diagrams and defines a standard set of operating and communications process flows and message specifications for the Managed Solutions industry. This document will serve as the SMA industry repository for current and future standards. The MMI Standards are copyrighted to the Money Management Institute.

MMI Functions

The MMI’s Board of Governors identifies and oversees tasks that will benefit managed solution investors, the industry, and its member firms. The MMI’s primary role and functions include:

Communication Standards


In 2002, the Money Management Institute (MMI) began an initiative in conjunction with portfolio manager firms and sponsor investment firms to produce a set of standardized messages and processes for the managed solutions industry. This newly created group known as ‘Operations and Communications Standards Committee’ was initially formed consisting of 34 member investment management and sponsor firms. The committee believes the current state of connectivity in the managed solutions industry does not allow for the most efficient flow of data between the sponsors and managers. With the expected growth rate in the managed solution industry and the costly impact to the industry due to lack of standards, the formal commitment from the MMI and these firms was critical to the success of implementing relevant institutional usage of industry data standards.

International Registry


The International Registry is a legal research project to provide analyses of foreign registration requirements for US based money managers. As managers receive more SMA accounts from foreign nationals, questions arise regarding their responsibilities to register with those foreign countries’ regulatory authorities. This report has been prepared as a convenient reference source, and does not contain information regarding all laws and regulations that may be relevant to doing business as an investment adviser. Because many areas of foreign law are fact-specific, this report is not a substitute for appropriate legal or tax advice with respect to all relevant laws and regulations. This report may not reflect recent changes in laws or rules. Please contact the Money Management Institute to learn of any updates to this report.

You must be a member of MMI in order to receive these reports.

Please select the country that you need information for:

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Executive Leadership Roundtable



Speaker Bios


Mark R. Fetting

Mark R. Fetting is President and Chief Executive Officer of Legg Mason, Inc., a global asset management firm with nearly $1 trillion in assets under management. He is also a member of the Board of Directors. Mr. Fetting serves on the Executive Committee of the Board of Governors of the Investment Company Institute and as a director for the Legg Mason and Royce Funds.

Prior to becoming CEO in January of 2008, he was responsible for Legg Mason’s mutual fund and managed account businesses throughout the world, including oversight of Legg Mason Capital Management, Royce and Associates, and ClearBridge Advisors. Since joining Legg Mason in June 2000, Mr. Fetting has played a leading role in the firm’s strategic development and major acquisitions, including Royce & Associates, Private Capital Management, Citigroup Asset Management and Permal. Prior to these transactions, he headed Legg Mason’s asset management segment.

Prior to joining Legg Mason, Mr. Fetting ran a major business for Prudential Financial Group serving as President, Retirement Services. As a senior officer at Prudential, he also played a leading role in the transformation of the firm’s overall money management business. Prior to his career at Prudential, Mr. Fetting specialized in business management and strategy for money management firms. He served as a partner at Greenwich Associates and as a Vice President at T. Rowe Price. His career began at Citibank, NA, as a commercial lending officer. Mr. Fetting holds a Bachelor of Science in Economics from the Wharton School, University of Pennsylvania, and a Master of Business Administration, with distinction, from Harvard University’s Graduate School of Business Administration.

Mr. Fetting has been active in public service, where he successfully managed a congressional campaign
in Western Maryland. He is a graduate of Leadership programs in Baltimore and Scranton, Pennsylvania.
Committed to improving education, Mr. Fetting served as a founding director of The Fund for Educational
Excellence and Project Raise. While living in Pennsylvania, he and his wife ran a summer camp providing
outdoor experiences for Baltimore’s children-at-risk. He currently serves on several community boards,
including Baltimore School for the Arts, Mercy Hospital, and Gilman School.

Paul Hatch

Paul Hatch is the Director of Global Wealth Management Investments. His responsibilities include all aspects of product management for Investment Advisory Products, Mutual Funds, Annuities, Insurance, Alternative Investments, and Real Estate. He is a member of Citis Management Committee.

Paul began his career with EF Hutton in 1985 as a Financial Consultant in the Washington, DC, branch. From 1990 until 1997, Paul led and was a member of Branch Office Management teams in the Bethesda, Maryland, office, the McLean and Leesburg offices in Virginia, and the Southfield office in Michigan. In 1997, he moved to New York City to become the Deputy Director of National Sales, until he was promoted to the Director of National Sales position in 2002. While Deputy Director of National Sales, Paul also had responsibility for Advanced Financial Consultant Training, Team Training, the Hartford Training Center, Interactive Marketing, and Alternative Investments.

Paul served as a member of the board of the Money Management Institute and is Chief Executive Office of the Consulting Group Capital Markets (CGCM) Fund. He is also a member of Smith Barneys Business Practice Committee. His past board affiliations include founding board member of the Smith Barney Trust Company of Michigan, member of the Smith Barney Capital Commitment Committee (non-voting), member of the Smith Barney New Products Committee, member of the Global Wealth Management Investment Strategy Committee and Chairman of the Smith Barney Corporate Trust Investment Committee, CEO of the Consulting Group Capital Markets (CGCM) Fund, and member of the board of Global Hedge Strategies.

Alicia Munnell