Products September 21, 2007

DTCC Unveils Fund Service Redesign

The Depository Trust&Clearing Corporation (DTCC) has launched a redesigned service to streamline the gathering of fund prospectus information.
Reported by

By completing the update of its Mutual Fund Profile Service, DTCC’s National Securities Clearing Corporation (NSCC) subsidiary is providing the fund community with information that includes investment objectives, fee schedules and contingent-deferred sales charges, blue sky information, and commission data, according to a news release.

The new service model will eliminate repetitive data entry, streamline the quality-control process, and increase reporting flexibility by fund companies and their distributor partners, according to DTCC.

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Employing Web screens, funds can feed data into the service at one level and automatically flow the information to other relevant levels. Distributors will use the same screens to request and access information.

More information about the service is available here.

Deals & People September 21, 2007

Bank of America Names Carey as New Retirement Solutions Head

Bank of America has appointed Bill Carey, formerly of Fidelity Investments, as national executive of Business Retirement Solutions.
Reported by

For Bank of America, Carey will oversee the development and delivery of 401(k), defined benefit, and institutional custody solutions to clients.

He will work within the newly formed Bank of America Retirement and Global Wealth & Investment Management (GWIM) Client Solutions Group and will report to Cary Grace, Mid-Market Institutional executive.

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Carey most recently led National Accounts for Fidelity Investments Institutional Services Company, where he was responsible for institutional relationship management, registered investment advise services, investment consulting services, and consultant relations.

He joined Fidelity Institutional Retirement Services Company (FIRSCo) in 1993 as national sales manager for FIRSCo’s Emerging Corporate Market.

In 2003, he was named president of FIRSCo and subsequently president of Fidelity Registered Investment Advisor Group, which provides wealth management, custody and brokerage services to registered investment advisers (RIAs) and third-party administrators.

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