IMAP Managed Accounts Data Standards initiative completes Phase One

By Jayson Forrest - Managing Editor  - IMAP Perspectives

On 14th June 2019 Toby Potter, Chair of IMAP, has announced the release of the industry agreed data standard for the transmission of model portfolio data between industry participants

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.

After commencing in November 2017, the IMAP Data Standards Working Group has completed a signficant phase of work and produced a key devliverable for the Managed Accounts industry participants -for the very first time there is now 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

A group 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.” said 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 IMAP by contacting Toby Pooter as below or emailing E:support@imap.asn.au

The 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.

Click here for a copy of the Model Portfolio Data Standard

Meeting held 20th November 2017

The first meeting was held on 20th November 2017 and attended by 22 people from the industry and IMAP
The minutes of the meeting in PDF format are available on this link

The Agenda for this first meeting highlighting the scope and focus of the meeting is available in PDF format on this link

For more information please contact:

Toby Potter

IMAP Chair

M: 0414 443 236

E:  toby.potter@imap.asn.au

Rob Corben -  IMAP Working Group Co-ordinator

M: 0409 950 265

E: contactus@imap.asn.au 

On 14th June 2019 Toby Potter, Chair of IMAP, has announced the release of the industry agreed data standard for the transmission of model portfolio data between industry participants

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.

After commencing in November 2017, the IMAP Data Standards Working Group has completed a signficant phase of work and produced a key devliverable for the Managed Accounts industry participants -for the very first time there is now 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

A group 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.” said 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 IMAP by contacting Toby Pooter as below or emailing E:support@imap.asn.au

The 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.

Click here for a copy of the Model Portfolio Data Standard

For more information please contact:

Toby Potter

IMAP Chair

M: 0414 443 236

E:  toby.potter@imap.asn.au

Rob Corben -  IMAP Working Group Co-ordinator

M: 0409 950 265

E: contactus@imap.asn.au