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Vestmark Submits Model Messaging Schema to the Money Management Institute for Developing an Industry Standard(November 29, 2011)
WAKEFIELD, MA -- (Marketwire) -- 11/29/11 -- Vestmark today announced that it submitted its Model Messaging schema to the Money Management Institute's Model Management Subcommittee to help accelerate industry standardization of data exchange between Model Providers and Model Receivers to support Unified Managed Account (UMA) programs and Models Only Separately Managed Account (SMA) programs.
"Over 40 people representing 30 firms participated in the MMI Models Subcommittee process to develop the Model Messaging Business Requirements, working towards a Technical Standard," said Gary Jones, lead technology consultant for the MMI. "Vestmark has consistently shown leadership in the MMI standards effort in a large number of subcommittees and this Model schema submission by Vestmark will greatly accelerate the work towards a Model Messaging Standard for the industry to implement."
Vestmark's industry leading UMA technology powers a number of the industries UMA providers such as Natixis Asset Management, LPL, Edward Jones, and UBS Global Asset Management. This experience and client depth gives Vestmark a unique view into the requirements and challenges facing a model management program.
"The VestmarkONE platform has had a full proprietary Model Messaging capability for years and we have adapted this technology to meet the Models Subcommittee's Model Messaging Business Requirements to help move the standards process forward," said Heeren Pathak, CTO of Vestmark and Co-Chair of the MMI Data Standards Committee. "We have also committed to fully implementing the Model Messaging Standards in the VestmarkONE platform, into both our Model Portal solution used by Sponsors and Overlay Managers to receive models and our Model Distribution solution used by Managers to send models."
Vestmark provides VestmarkONE, a unified wealth management platform offering comprehensive, real time technology that enables Broker-Dealers, investment managers, RIAs, bank trusts, and other financial firms to deliver holistic wealth management and a full range of advisory solutions. Vestmark's experienced team works closely with clients to implement tailored solutions incorporating best practices that help firms gather more assets, increase efficiencies and minimize operating risks. For more information about Vestmark's solutions, please call 781-224-3640, email firstname.lastname@example.org or visit www.vestmark.com.
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