Managed Accounts industry leader receives its first ever UMA patent for post cash-drift determination technology
Brookfield, Wis., June 21, 2010 – Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions and the Money Management Institute’s 2010 Service Provider of the year, today announced that Fiserv has been granted a patent for its Unified Managed Account (UMA) solution by the United States Patent and Trademark Office. The patent, the first ever for the Fiserv UMA solution, was awarded for the company’s technological method created for transferring cash between styles in a UMA account after a cash drift is determined. More generally, the patent is focused on the inter-sleeve cash transfer that resolves cash drift within a Multi-Strategy Portfolio (MSP) account. The patent marks yet another milestone for Fiserv, the leader in unified managed account technology with more than 380,000 accounts under management and more than one million UMA sleeves.
An overlay model in a managed account has target allocations for multiple investment styles. Such an overlay model enables cumulative asset allocations across investment styles where each style has allocation weighting for assets including cash. The patent covers the method of determining cash drift for each style and for flowing cash amongst the styles within each account to bring each style back to its target cash allocation. The patent protects this method as proprietary to Fiserv and enables the UMA to support a very efficient process to distribute cash among UMA sleeves. The patent, number 7,729,969, was issued on June 1.
“As the leader in investment technology, we are committed to innovation in the managed accounts industry that drives the industry forward,” said Cheryl Nash, senior vice president of Strategic Marketing and Business Development at Fiserv. “Our team worked hard to make this technology a reality for our clients, and I thank them for bringing these capabilities to life.”
In addition to its first-in-class UMA technology, the APLSM platform from Fiserv continues to be a leader in investment technology, with more than 3.4 million portfolios managed and over 1 million UMA sleeves traded on the platform.
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry. For more information, visit www.fiserv.com.