David Berkowitz, Marc Brookman, Mark Hancock and Burt White Elected Board Members

WASHINGTON, D.C., April 30, 2013 – The Money Management Institute (MMI), the national association representing the managed investment solutions and wealth management industry, today announced that John K. Moninger, Managing Director of Retail Sales for Eaton Vance, has been elected Chairman of MMI’s Board of Governors for the coming year. Three other appointments were also announced: Joseph Schultz, Senior Vice President, Head of Intermediary Sales for American Century Investments, is Chairman-Elect for 2014-15; Lorna Sabbia, Managing Director, Head of the Managed Solutions Group at Bank of America Merrill Lynch, is MMI’s Treasurer; and John Sweeney, Executive Vice President of Fidelity Investments, was named Secretary.

Mr. Moninger assumed the duties of office at the 2013 MMI Annual Convention in New York the week of April 22nd, when past Chairman Matt Witkos, President of Eaton Vance, completed his term and became Chairman Emeritus.

MMI President Christopher L. Davis also announced that David Berkowitz, Marc Brookman, Mark Hancock and Burt White have been elected to the MMI Board of Governors. Mr. Berkowitz is President of Lincoln Financial Network, the retail distribution arm of Lincoln Financial Group. Mr. Brookman is Managing Director and Associate Director of the Consulting Group at Morgan Stanley Wealth Management. Mr. Hancock is a Managing Director at Goldman Sachs Asset Management where he leads the U.S. Advisor Sales Group. Mr. White is a Managing Director and Chief Investment Officer of LPL Financial.

“Each of our new Governors brings vast experience and fresh perspective to our Board. With their contributions and the leadership of Chairman Moninger, MMI will remain at the forefront of the important trends and issues shaping the future of advisory solutions,” said Mr. Davis.

MMI’s Board of Governors is comprised of representatives from 32 industry firms – nearly evenly split between asset management companies and broker-dealers – that handle more than 90% of the approximately $2.7 trillion in assets under management in the advisory solutions industry.

“I am honored to be chosen to lead the MMI Board of Governors,” said Mr. Moninger. “Having joined immediate past Chair Matt Witkos here at Eaton Vance last November, we now have a unique opportunity to work together – not only as business partners – but to advance the mission of MMI and the services it provides to member firms. As I take over from Matt, MMI is in a very strong position. Our membership continues to grow at a record pace, our sold-out conferences and educational programs deliver exceptional value and content, and we continue to set the industry standard for data and analysis on the advisory solutions marketplace.”

Prior to joining Eaton Vance in November, 2012, Mr. Moninger served as Executive Vice President, Advisory and Brokerage Consulting Services, at LPL Financial Services. In that position, he was responsible for the firm’s advisory and brokerage platforms and for leading a team of product consultants.  He also led LPL’s Financial Planning Group and Wealth Management Services, which provide advice and solutions for high-net-worth and ultra high-net-worth clients. Previously, he had been national consulting director for investment solutions for UBS Financial Services. He currently serves on the board of directors of the Investment Management Consultants Association and the Naval Special Warfare Family Foundation.

About the Money Management Institute (MMI): Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions. MMI members’ advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct. For more information, visit www.moneyinstitute.com.

NEW YORK, NY, April 24, 2013 – At its annual Gateway to Leadership Dinner here last night, the Money Management Institute (MMI), the national association for the managed investment solutions and wealth management industry, announced the 2013 Industry Leadership Award winners in the following categories:

Advisory Solutions Firm of the Year – The sponsor firm that most exemplified overall excellence and contributed to the long-term success and sustainability of the industry

Winner: Merrill Lynch

Advisory Solutions Product of the Year – The sponsor firm that launched the most innovative product that contributed to the growth of the industry

Winner: Brinker Capital – Crystal Suite – Crystal Absolute Return and Crystal Diversified Income

Advisory Solutions Investment Manager of the Year – The investment manager exhibiting the qualities most valued by program sponsors

Winner: BlackRock

Advisory Solutions Emerging Manager Exhibiting Greatest Innovation and Growth – The emerging (smaller) investment manager that demonstrated strong growth in assets and made a meaningful contribution to innovation within the advisory solutions industry

Winner: F-Squared Investments

Advisory Solutions Established Manager Exhibiting Greatest Innovation and Growth – The established investment manager that demonstrated strong growth in assets and made a meaningful contribution to innovation within the advisory solutions industry

Winner: Virtus Investment Partners

Advisory Solutions Service Provider of the Year – The partner that best contributed to the innovation, growth and long-term sustainability of the advisory solutions industry

Winner: FolioDynamix

Advisory Solutions Technology Innovation or Operations Improvement of the Year – The firm that exhibited the greatest gain in efficiency or growth due to a technology or operations improvement

Winners (a tied vote): LifeYield and Vestmark

Advisory Solutions Field Sales Team of the Year – The firm exhibiting the most effective field sales strategy and execution resulting in a significant growth in sales

Winner: Morgan Stanley Wealth Management – Consulting Group Wealth Advisory Solutions Field Sales Team

Advisory Solutions Marketing Program of the Year – The firm whose marketing program best promotes the growth and development of advisory solutions

Winner: LPL Financial – Advisor University

Advisory Solutions All-Star Achiever Award – The individual who has made the greatest contribution to an MMI committee or industry issue

Winner: Hanna Salvatore, New York Life Investment Management

During the dinner, the MMI Board of Governors honored Steve Gresham, Senior Vice President of the Private Client Group for Personal Investing at Fidelity Investments®, as the recipient of the 2013 Advisory Solutions Pioneer Award. Mr. Gresham was recognized for his thought leadership and career-long contributions to the development of the managed solutions industry. The Pioneer Award is given annually to an individual who embodies MMI’s mission to serve as an advocate and catalyst for the growth of the managed investment solutions and wealth management industry.

The winners of two other special awards were also announced. ING Investment Management was honored with the Gateway to Leadership Award for its long term commitment and support of the Gateway to Leadership workplace diversity program. Jack Sharry, Executive Vice President of LifeYield, received the MMI Chairman’s Award in recognition of his outstanding contributions and service to MMI in the area of retirement solutions.

Proceeds from the awards dinner will benefit the Gateway to Leadership program, a 501(c)(3) charity that is a partnership between MMI and the UNCF. Gateway focuses exclusively on fostering workplace diversity in the financial services industry by providing internships and career opportunities for students from historically black colleges and universities.

About the Money Management Institute (MMI): Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions. MMI members’ advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct. For more information, visit www.moneyinstitute.com.

Contacts: Joan Lensing – 610-430-7684
[email protected]

Newton Lamson – 212-751-6126
[email protected]

For Immediate Release

WASHINGTON, D.C., March 20, 2013 – The Money Management Institute (MMI), the national association representing the managed investment solutions and wealth management industry, today announced nominations for its annual industry leadership awards. Winners in the following categories will be announced during the Gateway to Leadership dinner on April 23, 2013 at the MMI Annual Convention in New York City:

Advisory Solutions Firm of the Year – The sponsor firm that most exemplified overall excellence and contributed to the long-term success and sustainability of the industry

Nominees: Brinker Capital; LPL Financial; Merrill Lynch; Prudential

Advisory Solutions Product of the Year – The sponsor firm that launched the most innovative product that contributed to the growth of the industry

Nominees: Brinker Capital – Crystal Strategy I and Crystal Diversified Income SMA Portfolios & Personal Benchmark; Cetera Financial Group – xMA Program; TIAA-CREF – Portfolio Advisor Retirement Income Strategies

Advisory Solutions Investment Manager of the Year – The investment manager exhibiting the qualities most valued by program sponsors

Nominees: Altegris, BlackRock; Congress Asset Management; Natixis Global Asset Management; PIMCO

Advisory Solutions Emerging Manager Exhibiting Greatest Innovation and Growth – The emerging (smaller) investment manager that demonstrated strong growth in assets and made a meaningful contribution to innovation within the advisory solutions industry

Nominees: F-Squared Investments; GIS Fundamental Equity Advisors; Trinity Street Asset Management

Advisory Solutions Established Manager Exhibiting Greatest Innovation and Growth – The established investment manager that demonstrated strong growth in assets and made a meaningful contribution to innovation within the advisory solutions industry

Nominees: BlackRock, Principal Funds, Virtus Investment Partners

Advisory Solutions Service Provider of the Year – The partner that best contributed to the innovation, growth and long-term sustainability of the advisory solutions industry

Nominees: Adhesion Wealth; FolioDynamix; Vestmark

Advisory Solutions Technology Innovation or Operations Improvement of the Year – The firm that exhibited the greatest gain in efficiency or growth due to a technology or operations improvement

Nominees: Citi; Fiserv; LifeYield; Vestmark

Advisory Solutions Field Sales Team of the Year – The firm exhibiting the most effective field sales strategy and execution resulting in a significant growth in sales

Nominees: Merrill Lynch – Managed Solutions Group; Morgan Stanley Wealth Management – Consulting Group Wealth Advisory Solutions Field Sales Team; TIAA-CREF – Wealth Management Investment Specialists

Advisory Solutions Marketing Program of the Year – The firm whose marketing program best promotes the growth and development of advisory solutions

Nominees: Altegris; ING Investment Management; Invesco; LPL Financial; Morgan Stanley Wealth Management

Advisory Solutions All-Star Achiever Award – The individual who has made the greatest contribution to an MMI committee or industry issue

Nominees: Lisa Detwiler – Pershing; Hilary Fiorella – Fiserv; Hanna Salvatore¬ – New York Life Investment Management

Nominations for the 2013 Industry Leadership Awards were submitted by MMI members and the finalists were selected by a special committee representing all segments of the MMI membership. The winners in each category will be determined by a vote of MMI member firms.

At the Gateway to Leadership dinner, the MMI Board of Governors will also honor Steve Gresham, Senior Vice President of the Private Client Group at Fidelity Investments, as the 2013 Advisory Solutions Pioneer. Steve is being recognized for his thought leadership and career-long contributions to the development of the managed solutions industry.

Proceeds from the awards dinner will benefit MMI’s workplace diversity program, Gateway to Leadership, a 501(c)(3) charity. The Gateway to Leadership program is a partnership between MMI and UNCF that focuses exclusively on the financial services industry, providing internships and career opportunities for students from historically black colleges and universities.

Contacts: Joan Lensing – 610-430-7684
[email protected]

Newton Lamson – 212-751-6126
[email protected]

For Immediate Release

MMI Names Steve Gresham 2013 Pioneer Award Winner for Contributions to the Evolution and Growth of Advisory Solutions

WASHINGTON, D.C., March 19, 2013 – The Money Management Institute (MMI) today announced that Steve Gresham, Senior Vice President of the Private Client Group for Personal Investing at Fidelity Investments®, is the winner of its 2013 Advisory Solutions Pioneer award. Mr. Gresham – who is being recognized for his thought leadership and career-long contributions to the development of the managed solutions industry – will be recognized at the Gateway to Leadership Industry Awards dinner on April 23, 2013 at the MMI Annual Convention in New York City.

The Pioneer Award is given annually to an individual who embodies MMI’s mission to serve as an advocate and catalyst for the growth of the managed investment solutions and wealth management industry.

“Each year we bestow this award on an industry leader who exemplifies the pioneer spirit,” said

Matt Witkos, MMI Chairman and President of Eaton Vance Distributors. “This year we honor Steve Gresham, a true innovator and pioneer in the managed solutions industry, who joins a prestigious list of 36 previous Pioneer Award winners. Throughout his illustrious career, Steve has been at the forefront of change in our industry and a tireless advocate for delivering superior solutions to address clients’ real-world financial needs.”

 

“Steve’s passion for developing and delivering innovative client solutions for our high net worth investors has been a true asset for our firm,” said Kathleen Murphy, president, Personal Investing, Fidelity Investments. “His invaluable contributions to Fidelity’s Private Client Group, Wealth Advisor Solutions and Private Wealth Management efforts have positioned us for strong future growth.”

Added Christopher L. Davis, MMI President, “Steve continues to lead by example through his groundbreaking work as co-chair of Brown University’s “As America Ages” initiative at the Taubman Center for Public Policy and American Institutions. He doesn’t just talk about big issues and big challenges, but constantly challenges himself—and others—to consider different perspectives and adopt an interdisciplinary approach to coming up with creative solutions.”

About Steve Gresham

During his 31 years in the financial advice industry, Mr. Gresham has been at the forefront of many defining trends including managed accounts, fee-based wealth management, lifecycle mutual funds and alternative investment products. Mr. Gresham is senior vice president, Private Client Group for Personal Investing (PI), a unit of Fidelity Investments, a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. Mr. Gresham previously led the Investment Product Group for Fidelity’s Personal and Workplace Investing unit.

Prior to joining Fidelity, he held many senior leadership positions in retail and retirement product distribution, marketing, product management and product development at firms such as Phoenix Investment Partners, Ltd., Weiss, Peck & Greer, LLC and Systematic Financial Management, Inc. From 1997 to 2001, Mr. Gresham ran his own consulting firm, The Gresham Company, LLC, where he worked with over 50 domestic and international financial services firms on successful projects spanning the industry. Mr. Gresham is the author of five books about the financial advice industry, including The New Advisor for Life (John Wiley & Sons, 2011) and, with Arlen Oransky, The New Managed Account Solutions Handbook (Wiley, 2007). Mr. Gresham received his bachelor’s degree in 1983 from Brown University, where he now serves as co-chair of Brown’s Aging Initiative at the Taubman Center for Public Policy. Mr. Gresham also is a former director of the Money Management Institute and a founding board member of the International Money Management Institute.

About the Money Management Institute (MMI)

Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions. MMI members’ advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct. For more information, visit www.moneyinstitute.com.

Contacts:  Joan Lensing – 610-430-7684
 [email protected]

                                                            Newton Lamson – 212-751-6126
 [email protected]

For Immediate Release

WASHINGTON, D.C., March 6, 2013 – The Money Management Institute (MMI), the national association representing the managed investment solutions (MS) and wealth management industry, today released MMI Central 1Q 2013, which provides a statistical overview of data and trends for the managed solutions industry for 2012.

Highlights in this edition include:

• Total MS assets stood at $2.7 trillion at the close of 2012, having grown 20% or about $460 billion since the close of 2011, the biggest increase since MS industry assets passed the $2 trillion mark in 2010.

• For the full year, the Rep as Portfolio Manager and Unified Managed Account (UMA) segments were the biggest gainers, finishing with increases of 35% and 31%, respectively.

• The other four segments – Mutual Fund Advisory, SMA Advisory, Rep as Advisor (a nondiscretionary, fee-based advisory program), and Exchange Traded Funds (ETF)/Other Advisory –  had year-over-year increases of between 14% and 17%.

• In Q4, overall MS assets grew about 3% with all segments showing positive, albeit small, increases – the ETF and MF advisory programs were the two top performers with increases of 4% and 3%, respectively.

• Despite ending Q4 with net flows approximately $800 million higher than Q3, net flows for the MS industry for the full year fell by $26 billion from $210 billion in  2011 to $184 billion in 2012. The only segment to have an increase in one-year net flows was Rep as Portfolio Manager, which grew slightly more than 1% to $65 billion in net flows. Rep as Portfolio Manager and MF Advisory had the largest increases in net flows in Q4, at $16 billion and $12 billion, respectively.

• Looking at the year-over-year growth rates of broader industry segments, ETF assets rose 26% and Long Term Mutual Fund assets rose 16% in 2012.

• Across the industry, the market share of fixed income products reached record levels. The fixed income portion of LT Mutual Funds at year end was 43%, a 5% increase from the end of 2011. Within the ETF universe, fixed income assets moved from 11% a year earlier to 18% at the end of Q4. Fixed income comprised 53% of total SMA assets, up from 35% a year earlier. Municipal bond investments were the principal source of fixed income growth.

• According to data provided by Fiserv, a major managed solutions technology firm, assets in model portfolios increased from $51 billion at the end of 2008 to more than $200 billion at the end of 2012. During this same span, the percentage of model portfolio assets on manager platforms compared to sponsor platforms decreased from 44% to 20% – evidence of a continued transition within the MS industry to sponsor model platforms.

The Great Rotation – or Not?

With fixed income market share currently at a record 43% of Long Term Mutual Fund assets and 53% of SMA assets, the last few years clearly offered a highly favorable environment for fixed income products. But as market dynamics change, many believe that the time appears ripe for a shift into equities, and speculation is rampant as to whether or not the ‘Great Rotation’ – the movement out of bonds and into equities – has begun. In this issue, MMI Central reports on research conducted with top industry executives that suggests that speculation regarding the Great Rotation is both premature and inaccurate.

MMI Central provides a detailed quantitative overview of the MS marketplace. The update includes sizing the marketplace and its underlying components – mutual fund advisory programs, traditional SMA programs, multi-discipline programs, ETF programs, and UMA platforms, as well as other advisory program types. It also ranks sponsor firms and asset managers across key segments of the industry and analyzes data and trends affecting both sponsor firms and asset managers. Finally, the publication highlights emerging themes and explores areas of special interest to MMI members.

About the Money Management Institute (MMI): Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions. MMI members’ advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct. For more information, visit www.moneyinstitute.com.

About Dover Financial Research (Dover): Dover is a boutique Boston-based research and consulting firm specializing in the financial services industry. The analysis, independent research and market intelligence that forms the foundation of MMI Central is provided by Dover on behalf of MMI. For more information, visit www.doverfr.com.

Contacts:  Joan Lensing – 610-430-7684
[email protected]

Newton Lamson – 212-751-6126
 [email protected]

For Immediate Release

WASHINGTON, D.C., October 22, 2012 – The Money Management Institute (MMI), the national association representing the managed investment solutions and wealth management industry, today announced the election of three new members to its Board of Governors: 

• Lee Beck, Managing Director and Head of the Global Strategic Relationship Group at  JPMorgan Chase & Co. Mr. Lee replaces Governor Jed Laskowitz, who, having recently been named CEO of JP Morgan’s Asia Funds, has relocated to Singapore.
• Steve Dunlap, President, Managed Investments at Pershing, a BNY Mellon company. Mr. Dunlap replaces Jim Seuffert, the immediate past Chairman of the MMI Board of Governors and the former CEO of Pershing Managed Account Solutions, who recently retired.
• Stephen Seifert, Principal – Investment Advisory & Mutual Funds at Edward Jones. Mr. Seifert replaces Bill Broderick, also an Edward Jones Principal, who will retire at the end of the year.

“The board offers thanks to Bill Broderick, Jed Laskowitz and Jim Seuffert for their substantial contributions to MMI and to the industry,” said Matt Witkos, Chairman of the MMI Board of Governors, “and we welcome and look forward to working with our new Governors. Each brings vast experience and fresh perspective to our Board and the firms they represent are acknowledged leaders in the advisory solutions market place.”

The additions to the board were made during MMI’s 2012 Fall Solutions Conference in New York City where over 400 senior industry executives convened October 17-18 to exchange insights about the changing advisory landscape and ways to help financial advisors provide better solutions for investors. MMI’s Board of Governors is comprised of representatives from 30 leading financial services firms – nearly evenly split between asset management companies and broker-dealers – that collectively manage more than 95% of the approximately $2.5 trillion in assets under management in the advisory solutions industry.

About the Money Management Institute (MMI): Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions. MMI members’ advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct. For more information, visit moneyinstitute.com.

Contacts: Joan Lensing – 610-430-7684
[email protected]

Newton Lamson – 212-751-6126
[email protected]

MMI Introduces a New Definition of Alternative Investments

WASHINGTON, D.C., August 27, 2012 – The Money Management Institute, the national association representing the managed investment solutions and wealth management industry, today released MMI CENTRAL 3Q 2012, which provides a statistical overview of data and trends for the managed account solutions (MS) industry for the first six months of 2012.

Highlights in this edition include:

• Total managed solutions assets ended the second quarter at $2.5 trillion, a decline of $600 million or less than 0.1% from the first quarter.
• Rep as Portfolio Manager grew 2% during 2Q, the largest MS market segment gain over 1Q. Continuing to hold its ground, SMA Advisory was up 1%, the only other segment to show an increase. Unified Managed Account (UMA) Advisory, which was the fastest growing segment for the past two quarters, fell 2%, and both Mutual Fund Advisory and Rep as Advisor (a nondiscretionary, fee-based advisory program) slipped about 1%.
• Looking at broader industry segment growth rates, Exchange Traded Funds (ETFs), which experienced robust growth of 14% in 1Q, were -3% for the second quarter while Long Term Mutual Funds were -1% and Money Market Funds, like the overall MS industry, were essentially flat.
• The flight to safety that fixed income flows represent was evident in the breakdown of SMA market share by major investment discipline categories. Fixed income jumped from 41% of assets in 1Q to 47% while domestic equity, international equity and balanced each fell 2% to 28%, 11%, and 5%, respectively. Other/specialty rose a point to 10%.
• Total managed solutions net inflows for 2Q were $42 billion – a decrease of $10 billion from $52 billion in 1Q. The only MS segments to see an uptick in net inflows were SMAs and Mutual Fund Advisory, which both saw nominal increases to $6 billion and $11 billion, respectively. On a year-to-date basis, net inflows for the overall MS industry stand at $94 billion as compared to $210 billion for all of 2011.
• Year over year, second quarter net inflows for the MS market declined $18 billion from $60 billion in 2Q of last year. There were decreases in every segment with Mutual Fund Advisory, Rep as Advisor and UMA programs having the largest percentage declines.
• The rankings for leading managed solutions sponsors remained the same quarter to quarter with Morgan Stanley Smith Barney on top with assets of $504 billion, followed by Bank of America Merrill Lynch, Wells Fargo, UBS Financial and Charles Schwab.
• BlackRock Financial Management considerably strengthened its position as the leading manager of traditional SMA assets plus Model Portfolio assets with $56 billion under management, about $14 billion ahead of second place Nuveen Investments. Legg Mason, PIMCO and Eaton Vance rounded out the top five with Eaton Vance moving into the fifth spot ahead of Neuberger Berman.

A New Definition of Alternative Investments

The upcoming edition of MMI’s Industry Guide to Managed Investment Solutions will focus on alternative investments and how the introduction of liquid alternatives has called into question the traditional definition of alternatives. Alternative investments can no longer be defined by product structure. A better approach is to categorize alternative investments according to outcome or strategy. In the Industry Guide, MMI will present an industry-sanctioned definition of alternative investments that recognizes the emergence of alternative mutual funds and ETFs:

“An alternative investment product is any investment product that delivers an alternative investment strategy. An alternative investment strategy derives a meaningful component of its total return from nontraditional investment management techniques such as leverage, shorting or illiquidity; and/or invests in alternative asset classes such as private equity, real assets or commodities.”

MMI CENTRAL provides a detailed quantitative overview of the MS marketplace. The update includes sizing the marketplace and its underlying components – mutual fund advisory programs, traditional SMA programs, multi-discipline programs, ETF programs, and UMA platforms, as well as other managed programs. It also ranks sponsor firms and asset managers across key segments of the industry and analyzes data and trends affecting both sponsor firms and investment managers. Finally, the publication highlights emerging themes and explores areas of special interest to MMI members. In conjunction with MMI, Dover Financial Research is responsible for the publication of MMI CENTRAL.

About the Money Management Institute (MMI): Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions. MMI members’ advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct. For more information, visit www.moneyinstitute.com.

About Dover Financial Research: Dover Financial Research, LLC is a boutique research and consulting firm specializing in the financial services industry. For more information about the firm, visit www.doverfr.com.

Contacts: Joan Lensing – 610-430-7684
[email protected]

Newton Lamson – 212-751-6126
[email protected]

WASHINGTON, D.C., June 5, 2012 — The Money Management Institute (MMI) today announced the formation of a Board of Governors-level Model Standards Task Force to oversee and support the MMI Managed Account Solutions Standards (MASS) Committee’s participation in the creation of an industry standard for the delivery of portfolio models by investment managers and overlay portfolio managers to program sponsors.

In keeping with MMI’s commitment to the managed solutions industry, the joint goal of the board-level task force and the MASS committee is to help create the quickest and most effective path to the adoption of standardized protocols and messaging for portfolio models by the financial services industry. When in place, these standards will help minimize risk, create a more efficient operating environment, and reduce costs for industry participants.

The newly formed Model Standards Task Force is comprised of members of the MMI Board of Governors and also includes a representative from The Depository Trust & Clearing Corporation (DTCC):

• Jason Ainsworth, Neuberger Berman

• Ann Bergin, The Depository Trust & Clearing Corporation

• William Broderick, Edward Jones

• William Golden, Legg Mason

• Patty Loepker, Wells Fargo Advisors

• Gene Mulligan, Merrill Lynch

• Roger Paradiso, Morgan Stanley Smith Barney (Task Force Chairman)

• Joseph Schultz, Goldman Sachs

The task force is working with the MASS Committee to help define its goals, monitor progress and review and approve final output. This approach is in keeping with the MMI Board of Governors’ goal of providing a better focus on and communications about the industry-wide initiatives that its committees support. The task force is also charged with ensuring that there is sufficient participation in the model standards project among the MMI membership and offering whatever support is needed to help the committee reach its objectives.

To date, the board-level task force has reviewed the committee structure and has prioritized the objectives for the three sub-committees on reporting, model maintenance and trading. It is in the process of establishing a regular reporting system, time lines, and deliverables for each subcommittee.

“We have an opportunity as an industry to put in place standards for the delivery of models, and the board-level task force is focused on making that a reality,” said task force chairman Roger Paradiso, Managing Director and Chief Investment Officer of Morgan Stanley Smith Barney’s Private Portfolio Group. “This is a project that everyone in the industry is getting behind, and progress was accelerated when Merrill Lynch committed to joining the DTCC Model Management Xchange (MMX) and when DTCC and Morgan Stanley Smith Barney recently completed initial testing of the model standards ahead of the successful production release on May 18th.”

“DTCC has a long and successful history of collaborating with MMI and other industry partners to drive technological, administrative and operational efficiencies in the financial services industry,” stated Ann Bergin, Managing Director and General Manager of DTCC’s Wealth Management Services, who is also a member of the Model Standards Task Force. “I look forward to participating in this MMI board-level task force and building on the momentum generated by release 1.0 of the standard model messages with a goal of continuing to improve and expand these capabilities.”

Contacts:
Joan Lensing – 610-430-7684
[email protected]

Newton Lamson – 212-751-6126
[email protected]

For Immediate Release

Brinker Capital and Lockwood Advisors/Pershing Receive
Gateway to Leadership Sponsor Recognition Awards

WASHINGTON, D.C., May 9, 2012 – At the Money Management Institute’s (MMI) Annual Gateway to Leadership Awards Dinner in Chicago on April 25, Brinker Capital, Inc. and BNY Mellon affiliates Lockwood Advisors, Inc. and Pershing LLC received the Sponsor Recognition Award for their outstanding commitment to and ongoing support of the Gateway to Leadership workforce diversity program.

The Gateway to Leadership (GTL) program focuses exclusively on fostering workplace diversity in the financial services industry by providing internships and career opportunities for students from 26 historically black colleges and universities (HBCUs) which have participated in the program. A 501(c)(3) charity, GTL is administered by UNCF and sponsored by MMI, the national association for the managed investment solutions and wealth management industry, and its member firms. Proceeds from the fundraising dinner, which was part of MMI’s Annual Convention, will benefit the GTL workplace diversity program.

In presenting the awards to James Seuffert, President and CEO of Lockwood, and John E. Coyne, III, President of Brinker, MMI Chairman Matt Witkos said, “These two firms recognize the importance to our industry of bringing more African-Americans into the leadership ranks of financial services firms where they have been traditionally underrepresented. They recognize, too, that the full commitment they have made to this program since its inception six years ago is more than being socially responsible – it is also good business.”

“The GTL partnership between MMI and UNCF has been a highly successful one,” commented Karl W. Reid, UNCF Senior Vice President, Academic Programs and Strategic Initiatives, who was the keynote speaker at the GTL awards dinner. “Since its inception, GTL has brought over 100 qualified interns together with the nation’s leading financial services firms, and a number of GTL alumni have been hired at MMI-affiliated firms or other prominent financial services firms. It’s a win-win-win situation: a win for the students who get great career opportunities, a win for the firms that get these high-performing interns, and a win for the financial services industry.”

“The program has worked well for us and other participating firms,” said Mr. Coyne. “MMI brings to the table its comprehensive knowledge of the industry, while UNCF has substantial experience in shaping and overseeing successful internship programs. For our part, we get to choose interns from an extraordinarily rich talent pool.”

“The need for programs like GTL in our industry is evident,” said Mr. Seuffert, MMI Chairman Emeritus. “African Americans make up less than six percent of finance executives, managers and administrators, and a large part of the answer lies in opening up opportunities for some really excellent students to acquire critical job skills, learn firsthand about corporate cultures, develop relationships, and determine if a career in financial services is right for them. That’s why BNY Mellon and its affiliates have been champions of the GTL initiative from its inauguration.”

Formed in 2007, the GTL initiative invests in high-achieving African Americans who are attending historically black colleges and universities and have a strong interest in financial services. It offers them eight-week summer internship opportunities at premier financial services firms across the country. Each participant is assigned a mentor and given the opportunity to engage in leadership development activities sponsored by GTL and the host firms. Participating students must be juniors at the time of application and majoring in accounting, banking, economics or finance. They must demonstrate a strong interest in the financial services industry and have a 3.0 or better grade point average.

Firms that have participated in the program:

A.G. Edwards

Allianz Global Investors

Bank of America

BNY Mellon affiliates

Coates Analytics

Dreyfus

Lockwood Advisors

Pershing

Brinker Capital

Charles Schwab & Co.

Curian Capital

Delaware Investments

DTCC

Edward Jones

Goldman Sachs

Grail Partners

ING

IXIS

Legg Mason

LPL Financial

Merrill Lynch

Morgan Stanley Smith Barney

New York Life Investments

Old Mutual U.S. Holdings, Inc.

Prudential Investments

About the Money Management Institute (MMI): Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions. MMI members’ advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct. For more information, visit www.moneyinstitute.com.

About UNCF: UNCF (United Negro College Fund) is the nation’s largest and most effective minority education organization. To serve youth, the community and the nation, UNCF supports students’ education and development through scholarships and other programs, strengthens its 38 member colleges and universities, and serves as a leading national advocate of education and college readiness. UNCF awards more than 10,000 scholarships each year, the largest of which, the UNCF Gates Millennium Scholars Program, has a 90% college graduation rate. UNCF institutions and other historically black colleges and universities are highly effective, awarding 21 percent of African American baccalaureate degrees. Today, UNCF supports more than 60,000 students at over 900 colleges and universities across the country. Its logo features the UNCF torch of leadership in education and its widely recognized motto, “A mind is a terrible thing to waste.”® Learn more at www.UNCF.org

 Contacts: Joan Lensing
610-430-7684
[email protected] 

Newton Lamson
212-751-6126
[email protected] 

For Immediate Release

Money Management Institute Announces Annual Industry Leadership Award Winners

Chicago, IL, April 26, 2012 – At its annual Gateway to Leadership Dinner here last night, the Money Management Institute (MMI), the national association for the managed investment solutions and wealth management industry, announced the 2012 Industry Leadership Award winners in the following categories:

Advisory Solutions Firm of the Year – The sponsor firm that most exemplified overall excellence and contributed to the long-term success and sustainability of the industry
Winner: Edward Jones

Advisory Solutions Product of the Year – The sponsor firm that launched the most innovative product that contributed to the growth of the industry
Winner: Cetera Financial Group Mutual Fund/ETF Wrap Program

Advisory Solutions Investment Manager of the Year – The investment manager exhibiting the qualities most valued by program sponsors
Winner: J.P. Morgan

Advisory Solutions Emerging Manager Exhibiting Greatest Growth – The emerging investment manager that demonstrated strong growth in assets and made a meaningful contribution to the managed solutions industry
Winner: RiverFront Investment Group

Advisory Solutions Established Manager Exhibiting Greatest Growth – The established investment manager that demonstrated strong growth in assets and made a meaningful contribution to the managed solutions industry
Winner: BlackRock

Advisory Solutions Service Provider of the Year – The partner that best contributed to the innovation, growth and long-term sustainability of the managed solutions industry
Winner: Pershing Managed Account Solutions (PMAS)

Advisory Solutions Technology Innovation or Operations Improvement of the Year – The firm that exhibited the greatest gain in efficiency or growth due to a technology or operations improvement
Winner: FolioDynamix

Advisory Solutions Field Sales Team of the Year – The firm exhibiting the most effective field sales strategy and execution resulting in a significant growth in sales
Winner: LPL Financial

Advisory Solutions Marketing Program of the Year – The firm whose marketing program best promotes the growth and development of advisory solutions
Winner: Natixis Global Asset Management – Durable Portfolio Construction campaign

Advisory Solutions All-Star Achiever Award – The individual who has made the greatest contribution to an MMI committee or industry issue
Winners (a tied vote):
Heeren Pathak, Chief Technology Officer, Vestmark
Aaron Schumm, SVP, Product, FolioDynamix

During the dinner, the MMI Board of Governors honored Roger Paradiso, Managing Director and Chief Investment Officer of Morgan Stanley Smith Barney’s Private Portfolio Group, as the recipient of the 2012 Advisory Solutions Pioneer Award. Mr. Paradiso received the Pioneer award for his groundbreaking work in the development of the Unified Managed Account (UMA), the wealth management industry’s first multiple investment products account.

Proceeds from the awards dinner will benefit the Gateway to Leadership (GTL) program, a 501(c)(3) charity that is a partnership between MMI and the UNCF. GTL focuses exclusively on fostering workplace diversity in the financial services industry by providing internships and career opportunities for students from historically black colleges and universities.

About the Money Management Institute (MMI): Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions. MMI members’ advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct. For more information, visit www.moneyinstitute.com