Money Management Institute Data Standards

In 2002, the Money Management Institute (MMI) began an initiative in conjunction with portfolio manager firms and sponsor investment firms to produce a set of standardized messages and processes for the managed accounts industry.  This newly created group known as ‘The Data Standards Committee’ was initially formed consisting of 34 member investment management and sponsor firms.  The committee believes the current state of connectivity in the managed accounts industry does not allow for the most efficient flow of data between the sponsors and managers.  With the expected growth rate in the managed account industry and the costly impact to the industry due to lack of standards, the formal commitment from the MMI and these firms was critical to the success of implementing relevant institutional usage of industry data standards.