Today, Toby Potter, Chair of IMAP, announced the release of an industry agreed data standard for the transmission of model portfolio data between industry participants.
The model provides a data standard for the sharing of model portfolio data including
· File format
· Model components
· Security code definition
· Model movement
The growth of managed accounts and its reliance on model portfolios has presented efficiency issues for the managers of model portfolios and the platforms that use this data. Often, managers are providing the same model data across different platforms in multiple proprietary formats. The cost and efficiency savings promised by the revolution of managed accounts was at risk of being eroded by back office system incompatibilities.
Investigations revealed that all parts of the industry reported similar difficulties meeting these proprietary data requirements.
In the same way the EPI standard transformed the efficiency of data feeds to advice firms, industry participants have now gathered to work together on a data standard for model portfolio transmission. Driven by IMAP, the Data Standards Group has been meeting for more than 12 months in order to deliver efficiencies to this emergent industry segment.
A list of more than 20 industry participants from platforms, licensees, research houses, asset consultants and fund managers have participated in workshop meetings and supplied content and documentation on their own processes. the result was the Model Portfolio Data Standard.
The standard is not binding but provides an incentive to prevent further proliferation in proprietary specifications.
“This working group has been tremendously effective at working together to bring greater efficiency to the market we work within.” Toby Potter
The success of this collaboration has resulted in plans to extend their work to define a series of standards for reporting on shadow weights, FUM reports and naming conventions
Enquiries about obtaining a copy of the Model Portfolio Data Standard should be directed to E: support@imap.asn.au
Industry working group included participants from the following organisations
Toby Potter expressed much thanks and appreciation for everyone's efforts and very co-operative approach to this ground breaking work.
|
AMP |
APIR Systems Limited |
|
Bennelong Funds |
BT |
|
Colonial First State |
Copia |
|
Elston Asset Management |
Financial Express |
|
Franklin Templeton |
HUB24 |
|
IMAP |
IOOF |
|
IRESS Ltd |
Macquarie |
|
Morningstar |
NAB Asset Management |
|
Netwealth |
Praemium |
|
Schroders |
Zenith Investment Partners |
Contact
Toby Potter
Chair
M: 0414 443 236
Rob Corben
M: 0409 950 265
E: robert.corben@planfocus.com.au