Press Release
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Wakefield, MA - November 29, 2011 - 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."
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About Vestmark
Headquartered in Wakefield, Mass. and founded in 2001, Vestmark is a leading provider of portfolio management solutions and outsourced services for financial institutions and their advisors, enabling them to efficiently manage customized client portfolios through an innovative technology platform. Supporting over $1.5 trillion in assets and 5.5 million accounts, Vestmark is a partner to some of the largest and most respected wealth management firms. For more information about Vestmark’s solutions, call (781) 224-3640 or visit www.vestmark.com.
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(424) 317-4861
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