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Operations 101: How to Get in the Game MMI Fall Conference - Managed Account Solutions 2003 Sandra Fortier Business Analyst Pershing Managed Account Services Malvern, PA

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Operations 101: How to Get in the Game

MMI Fall Conference - Managed Account Solutions 2003

Sandra Fortier

Business Analyst

Pershing Managed Account Services

Malvern, PA

The information contained in this presentation is confidential and is provided to the recipient solely for the purpose of evaluating the product offerings described herein. This information is proprietary information of Pershing Managed Account Services, Inc. (“PMAS”) and should not be distributed without the express prior approval of PMAS.

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Operations 101: Sponsor Side

Introduction – My experience

  • Industry Background
    • Boutique IM Firm
      • Traditional – expanded to include managing Separately Managed Accounts
    • Sponsor Firm
      • 24,967 Individually Managed Accounts – worth $6 Billion
      • 127 Ims
        • 10 Canadian IMs
      • 4 Custodians
      • 138 Active Styles
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Operations 101: Sponsor Side

IM: “We’ve gone through due diligence and signed the contract with the sponsor, what happens now?”

  • ‘Get to know you Call’ is scheduled between the Manager Support Team and the Key Contacts within the Investment Management Firm
    • Contact from the Sponsor to the IM begins after the Sponsor contract has been signed by Investment Management Firm
    • An introduction call is held first, then another call is scheduled with the IM so that the appropriate operations personnel can be on the call to ensure that all questions and required data gathering can be accomplished efficiently

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Operations 101: Sponsor Side

What purpose does this call serve?

  • Outline of the managed account operations process
    • Systems:
      • Trading System
      • Manager Workstation
    • Processes:
      • Account Set-up
      • Reconciliation
      • Account Maintenance
      • Manager Support

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Operations 101: Sponsor Side

What purpose does this call serve? (Continued)

  • Processes: (continued)
    • Performance Reporting
    • Billing
  • Gather Important Investment Management Contact Information:
    • Trading System
    • Manager Workstation
    • Proxy Information
  • Communications
    • Account Changes
      • Style

5

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Operations 101: Sponsor Side

What purpose does this call serve? (Continued)

  • Account Changes (continued)
      • Restrictions
      • Address Changes
      • Custodian
      • Investment Management
      • Terminations
  • Corporate Actions
  • Tax Harvesting
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Operations 101: Sponsor Side

IM: “What do I need to do to get ready to accept and manage accounts?”

  • Access to the Trading System – CIS-APL
    • Sponsor provides necessary Log-ins and Operations Manuals to IM
    • IM connectivity tested and verified, software may be required
    • System training is provided by the Manager Support Team
      • Trading system training
      • Model set-up
  • Access to the Manager Workstation
    • Sponsor provides necessary Log-ins and Operations Manuals to IM
    • IM connectivity tested and verified
    • Manager Workstation training is provided by the MST

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Operations 101: Sponsor Side

IM: “Now that we are set up, trained and ready to accept accounts, what happens next?”

  • E-mail notifications sent out to the designated IM personnel advising them to log-in to the Manager Workstation when there are new accounts.
  • New account paperwork will be displayed on the Manager Workstation for pending accounts, as well as accounts that are ready to be traded. It is important to monitor this site daily for new account activity.
      • Eliminates faxes - no more lost faxes

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Operations 101: Sponsor Side

Key Objectives

  • Operations Department works hand in hand with IMs to ensure accounts are traded in a timely fashion
  • Operations Department and Manager Support Team provide full systems support
  • Commitment to staying on the cutting edge of technology
  • Experienced staff of Managed Account Operations people

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Operations 101: Sponsor Side

Key Issues

  • Sponsor/IM Communication is extremely important
    • New Operations Procedures
    • Trading Error Resolution
    • New Sponsor Product Offerings
  • Procedures and Processes vary between Sponsors – all Sponsors are not alike
  • Pricing – IMs need to be sure to price themselves in relationship to the services the Sponsors provide
  • Marketing Support to Gather Assets

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