Industry Working Group : Managed Accounts Data Standards
The Institute of Managed Account Professionals (IMAP) established an Industry Working Group in November 2017 to develop data standards for the exchange of managed account model data and other data applications.
"With the rapid growth of managed accounts in the Financial Services Industry, model data is being electronically distributed between all participants. However, no standard is in place for the definition or formats for this data" said Toby Potter, Chair of IMAP. "This leads to bespoke development, greater risk of error and higher cost of integration."
Platforms and other managed account providers have developed proprietary approaches to the provision of model data. Managers report finding it difficult to meet these varying data requirements.
These challenges will increase as the number of managed account services increases.
Other industries have already developed standard data transfer formats, with planning software being an adjacent market example of widespread adoption of a single industry wide standard.
Data Standards Developed
Phase 1 Model Portfolio Reporting
(Click here to download a PDF of the Data Standard for Reporting from managers to platforms of changes to portfolio models)
Phase 2 FUM Reporting & NetFlow
Click here to download a PDF of the Data Standard for:
- Colonial First State
- Financial Express