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MMI and NSCC: The Pursuit of Standards in Managed Accounts

Published by: TowerGroup

Published: Dec. 13, 2004 - 16 Pages


Table of Contents


TowerGroup Take-Aways




Report Coverage




Vision




Overview




Exploding Growth in Separately Managed Accounts!


Exhibit 1: Managed Accounts: US Growth in Assets (1996-2007)




Oh, What a Tangled Web!


Exhibit 2: Managed Account Connectivity Challenge and the NSCC Response




MMI Data Standards




NSCC SMA Service


Exhibit 3: NSCC Distribution Services


The SMAS System


Exhibit 4: Processing Environment for Proposed NSCC SMA Service


SMAS Message Flow


Exhibit 5: NSCC SMA Service Message Cycle for Each Message Type




Benefits to the Industry

Benefits of Industry Standards

Benefits of a Utility for Implementation




Challenges to Adoption

Openness of Standard

Costs Versus Benefits of Adoption


Exhibit 6: A Concentrated Industry: Assets of Top Managed Accounts Sponsors (Q1 2004)


New Demands to Be Addressed

Competing Standards




Vendor Opportunities




Summary

Abstract

In March 2003, TowerGroup estimated that managed account assets would increase over the next few years at a compound annual growth rate (CAGR) of 22.6% from $398.7 billion in 2002 to $1,105 billion in 2007. The substantial increase in assets and new accounts is putting pressure on sponsors and money managers to enhance operational capabilities for better scale and improved efficiency. This TowerGroup Research Note reviews the efforts of the Money Management Institute (MMI), the industry organization for managed accounts, to create uniform and open data standards. The proposed National Securities Clearing Corporation (NSCC) SMA Service, a messaging hub that implements the MMI data standard, is described and analyzed. Included is a discussion of the challenges involved in implementing industry standards in general as well as the potential for implementing the SMA Service in particular.

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