New York — The Depository Trust & Clearing Corp. (DTCC) is allowing investment managers who oversee separately managed account (SMA) programs to access its Fund-Serv mutual fund processing platform.
The move, announced earlier this week, will provide investment managers with a centralized system for the automation of purchases, exchanges and redemptions of mutual funds. Previously, managers had to process mutual fund accounts held in SMAs through a third party, typically a dedicated unit within their firm or a broker-dealer sponsor. The information then had to be passed from the third party to the investment manager, a complicated and error-prone process.
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