The Depository Trust & Clearing Corporation (DTCC) announced today enhancements to its Mutual Fund Profile Service (Profile) that will further improve the value of the system's data, expand the service's technological capabilities for the fund industry, and help firms remain in regulatory compliance.
Profile is a comprehensive repository of three databases that allows funds, broker/dealers and other distribution firms to automate and streamline the exchange of accurate and timely information on securities, participants and distributions. Profile helps firms remain in compliance with rules in a fund's prospectus and distribution policies by serving as the central data source for comprehensive fund prospectus and operational rules.
"Profile's security issue database is recognized as the industry standard for access to information critical to the intermediaries who market and distribute mutual funds," said Ann Bergin, managing director, DTCC Wealth Management Services. "Our recent enhancements and continued focus on improvement underscore our commitment to reduce operational risk through automation and centralization while providing the fund industry with affordable access to reliable data."
DTCC completed the service enhancements in cooperation with Delta Data Software, Inc., a firm that provides DTCC with technical support for the Profile database, and the Investment Company Institute's (ICI) Profile Steering Committee.
"We are very pleased to play a role in the ongoing enhancements of DTCC's Profile service," said Don Beck, chief executive officer, Delta Data. "Today, Profile delivers the most accurate and cost-effective source of fund information and we applaud the DTCC and all those who participated in its transformation."