DTCC names Weiss head, global business development, wealth management services

Source: Depository Trust & Clearing Corporation

The Depository Trust & Clearing Corporation (DTCC) announced today the appointment of Gail Weiss as vice president and head of global business development, Wealth Management Services, to further strengthen its global funds processing business.

Weiss will be responsible for leading the business strategy aimed at securing DTCC's position in the global mutual funds processing arena, among other key initiatives. This strategy calls for DTCC to expand its Mutual Fund Services into the evolving offshore markets. These services, which are provided by DTCC's National Securities Clearing Corporation (NSCC) subsidiary, offer critical automated processing and information-exchange services to the mutual fund industry and link business partners through a centralized infrastructure. Weiss reports to Ann Bergin, DTCC managing director and general manager, Wealth Management Services.

In the U.S., the vast majority of mutual fund transactions are processed through NSCC's Fund/SERV®. Since its inception in 1986, Fund/SERV® has reduced the cost of U.S. fund transacting to US $.06 per transaction. In 2010, Fund/SERV® completed close to 219 million transactions for the more than 1,100 companies using the service. In recent years, DTCC has sought to expand its Mutual Fund Services to support the organization's commitment to the global funds market. In particular, pending regulatory approval, the organization's multi-currency settlement capability will offer settlement in euros and British pounds sterling, and will give customers access to the efficiencies that Fund/SERV® delivers to the U.S. market. Offered through a U.K.-based DTCC subsidiary, DTCC Solutions Worldwide Ltd., the cross-border service will fill a longstanding void in global funds processing.

"For 25 years, DTCC has contributed to the phenomenal growth and scalability of the U.S funds industry, and we are confident that Gail's exceptional level of leadership and command of the global funds landscape will guide us into new markets, as we extend the cost, risk and distribution efficiencies of our services to more customers," said Bergin.

In 2010, 5.9 million fund orders were processed manually in the cross-border fund centers of Luxembourg and Ireland, according to a May 2011 report published by the European Fund and Asset Management Association (EFAMA) and SWIFT.

"While the European cross-border fund market continues to progress towards standardization and automation, the need for a comprehensive global approach to fund processing still remains," said Weiss. "I am very pleased to join DTCC and I look forward to working with the talented people across the enterprise, and strengthening our industry partnerships to further expand our operations in global markets." 

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