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Tag Archives: consolidated omnibus accounts

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Mutual Funds Omnibus Transparency – Lighting up the Black Cat in the Dark Room

The phrase, “knowledge is power,” takes on a special meaning when a paucity of knowledge leads to potential issues that leave a company fumbling around in a dark room, looking for a black cat, only to be saved when someone turns the lights back on. When Mutual Funds companies’ clients started moving away from trading in fully disclosed accounts to consolidated omnibus accounts, they lost their ability to monitor their fund trade activity. Compliance with prospectus defined rules became impossible to monitor and data became the black cat in the black room. However, due to market demand for more than summarized trade activity, transparency has reemerged within omnibus accounts. How this happened, who it impacted and what has been done to remediate the problem is the focus of this week’s journey into the fund industry’s Twilight Zone. Read more

Burton Keller
L. Burton Keller was a principal founder of the company in 1985 and currently focuses on strategic initiatives for the company. Mr. Keller also serves as company representative to the DTCC and is an active member of the Bank, Trust and Retirement Advisory Committee of the Investment Company Institute.