APL	APL UMA Master Manager (Contents, Download)

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APL UMA Master Manager (Contents, Download)

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There are two versions of UMA addressed in this document:

l Traditional UMA
- The Tegra118 Unified Managed Accounts (UMA) platform is a wealth management platform that enables users to maintain multiple investment vehicles such as Separately Managed Accounts (SMAs), mutual funds, and Electronically Traded Funds (ETFs) under one registration based on a target asset allocation. The platform’s overlay management capabilities enables users to monitor drift, trade, rebalance, calculate performance, and provide reporting at both the total account and sleeve level
l Managed Account Platform
- Under the managed account platform, Mutual Fund Advisory (MFA) products are integrated with UMA in a separate sleeve. The features that are available to traditional MFA clients are available here, so that clients can manage UMA and MFA accounts on a single platform

Chapter 1: About this Document
- 1.1 Traditional vs. Managed Account Platform
- 1.2 Requirements to use Unified Managed Account

Chapter 2: Overview
- 2.1 Unified Managed Accounts (UMA)
  - Master Manager
  - Submanager
- 2.2 What is MSP?
- 2.3 What is Mutual Fund Advisory?
- 2.4 What is Single Sleeve MFA?
- 2.5 What is APL?
- 2.6 What is MMS?
- 2.7 Multiple Strategy Accounts
- 2.8 Roles in UMA management
- 2.9 Mutual Fund Trading for UMA Accounts
  - Mutual Fund Issue Types
  - Mutual Fund Sleeve Tags
  - Rounding
  - Pending Mutual Fund Orders
- 2.10 Managing Multiple Strategy Portfolios
- 2.11 Opening new UMA accounts
  - Setting account parameters
  - Periodic rebalancing
- 2.12 Cash Management
- 2.13 Managing UMA accounts
- 2.14 Nightly Rebalancing
  - Nightly Rebalancing with Automatic Sleeve Value Reallocation
- 2.15 Reporting
- 2.16 Performance reporting
- 2.17 Getting Started
- 2.18 Selecting accounts using UMA-specific tools
- 2.19 Selecting accounts using a UMA-specific Account Selection Screen

Chapter 3: Managed Account Platform
- 3.1 Access Single Sleeve MFA
- 3.2 Product and Fund Allocation Screens
  - Products and Models
- 3.3 Account Option/Maintenance Screen
  - Options
- 3.4 Ad hoc Trading Screen
- 3.5 Block Settlement Report
- 3.6 Raising Cash for Fees
- 3.7 Reports

Chapter 4: Super Manager Functions
- 4.1 Super Manager Option Menu
- 4.2 Maintaining the list of Super Managers
  - Adding Super Managers
  - Deleting Super Managers
  - Modifying Super Managers
- 4.3 Mapping universes to master managers
  - Adding a manager to the Master Manager Universe Table
  - Removing a manager from the Master Manager Universe Table
  - Modifying a master manager’s universe mappings
- 4.4 Mapping master managers to specific universes
  - Adding Master Models to the Master Models Table
  - Deleting Master Models from the Master Models Table
  - Modifying Master Models on the Master Models Table
- 4.5 Mapping master managers to specific universes
  - Adding Master Models to the Master Models Table
  - Deleting Master Models from the Master Models Table
  - Modifying Master Models on the Master Models Table
  - Mapping master managers to submanagers
  - Adding master managers to the Sub-Model Managers Table
  - Deleting master managers from the Sub-Model Managers Table
  - Modifying master managers on the Sub-Model Managers Table
- 4.6 Maintaining the User ID/Manager Mapping Table
- 4.7 Maintaining the Strategy List Table
- 4.8 Using the Administration Tools Menu
- 4.9 Using the Account Maintenance Menu

Chapter 5: Master Manager Functions
- 5.1 Managing mutual fund trades at the master manager level
- 5.2 Administration Tools menu
- 5.3 Associating submanagers with submodels
- 5.4 Disassociate one or more managers from one or more submanagers
- 5.5 Editing the Standard Rounding Table
  - Mutual fund rebalancing
  - Procedure for editing the Standard Rounding Table
- 5.6 Editing the Issue Type Rounding Table
- 5.7 Establishing a gain/loss filter for trades across all sleeves of an account
  - Mapping master models to accounts
  - Mapping submodels to accounts
  - Manually updating models to mapped accounts
  - Submodel-Level Position Tolerance Table
  - Discretionary Sub-models Table
  - Viewing the Audit Trail Report
  - Viewing the Account Model Audit Trail Report
- 5.8 Maintaining the strategy list
  - Viewing or adding a strategy
  - Editing strategy descriptions
  - Edit Issue Type VP Date Table
  - Editing and reviewing Versus Purchase Dates in trade blocks
  - Establish default replacement securities for one or more submodels
  - Establish Asset Classes
  - Assigning Asset Classes to Submodels
  - Defining Drift Tolerance
  - Account Maintenance Functions
- 5.9 Model maintenance functions
  - Creating or editing a master model portfolio
  - Viewing security allocations in the master model
  - Editing model descriptions
  - Linking master models
  - Viewing linked master models
  - View Submodel Attributes

Chapter 6: Trading Functions
- System limits on master manager and submanager intraday trading
- Trade Netting
- Trade Netting and the trading process
- Master Manager Security Rebalancer / Multi What-If trading tool
- Swapping equities
- How to swap securities without using the Swap tool
- GLTM (Gain/Loss Trade Modeling)
- Setting Supervisor Status
- 6.1 Block Status
  - Checking Block for Violations During Commit Process
  - Restrictions Override (RESTOVERLEG) Report
  - Append Rebalancer Trades Option
  - Extracting trades from a block with a submodel code
- 6.2 Master Manager Account Adjuster trading tool
- 6.3 Selling untagged lots
- 6.4 Adjusting cash between submodels
- 6.5 Tagging UMA transactions
- 6.6 Intraday Cash Adjuster
  - General Work Flow
  - Account Selection
  - Cash Adjuster Screen
  - Add Transactions
  - Upload Cash Adjustments
  - Edit or Delete Cash Adjustments
  - Trade Cash Adjustments
  - Intraday Cash Adjuster Trading Results Reports
- 6.7 Automatically selling untagged lots
- 6.8 TBA Swap Trading Tool
- 6.9 Using FIXGLDES to search for and to delete general ledger entries
- 6.10 Report functions
  - Master Manager Reports
  - Browse Report function
  - Submodel Weighting Report
  - Security Drift Report
  - Submanager Current Trading Cash Report
  - Portfolio Valuation Report
  - Inception-to-Date Performance Report
  - Submanager Historical Cash Report
  - Asset Under Management Report
  - Asset Under Management Fee Report
  - Performance Evaluation by Style Report
  - Cash Flow Report
  - Cash Ledger Report
  - Duplicate Security Report
  - Rebalancing Rules Report
  - Cash Threshold Report
  - Submodel Drift Report
  - Master Manager AIMRMEMO Report
  - DURPORT Fixed Income Summary Report
  - Cross Reference by ISSTY Report
  - UMA Asset Mix Report
  - Downloadable Allocation Report
  - Top Holdings Report
  - UMA Asset Class Drift Report
  - AUM Flex Report
  - Security Cross Reference Report
  - About the Generated Reports
  - Viewing sleeve tags for tax lots using **BWTXMSPMRC
  - Viewing accrued income using MSPREVIEWTOT
  - Viewing statistics on sleeves using MSPSLEEVESTATS
  - View security drift from a model for selected accounts using MSPAUDITDRIFT
- 6.11 Unified Managed Account (UMA) Rebalancer
  - Using the UMA Rebalancer
  - Trade Exception Report
  - Multi- Account Select Option
- 6.12 Sleeve Tags

Chapter 7: Master Manager Utilities
- 7.1 Converting UMA accounts to a new master model using MSPCONVERT
  - Creating and editing master models
  - Converting SMA accounts to UMA accounts
- 7.2 Split Untagged Cash Transactions
  - Changing the master model associated with an account
  - Reversing changes made to an account
- 7.3 Adding submodel tags to tax lots
  - Using MSPMAPLOTS
  - Using MSPMAPLOTSPCT
- 7.4 Using MSPREVERSEMAPLOTS to remove submodel tags
- 7.5 Adjusting submodel cash balances in real-time
  - Sleeve Reallocation Tool
  - MSPPOSTLGLFLOWS
  - General cash management in respect to MSPPOSTGLFLOWS
  - Avoiding BLANK sleeve tags to avoid “floating” cash
  - Pending Mutual Fund Orders and MSPPOSTGLFLOWS
- 7.6 Posting multiple transactions that include UMA tags
- 7.7 Combining Fractional Shares to Create One Share
  - MSPMOVEFRAC
  - Using MSPMOVEFRAC
  - MSPMOVEFRACALL
  - Using MSPMOVEFRACALL
- 7.8 Transferring positions between UMA and non-UMA accounts
  - Using the MSPJNLALL function to transfer positions
  - Transferring a security to another portfolio using MSPJNLSEC
- 7.9 Posting dividends and splitting dividends between subaccounts
  - MSPSPLITDIVS
  - MSPSPLITDIVSNEW
- 7.10 Deleting and reposting flows between sleeves
  - Using MSPGLFLOWSDEL to delete cash flows
  - Using MSPPOSTGLFLOWS to update cash flows
- 7.11 Swapping submodels and positions
  - Moving a position, or positions, with MSPMOVEPOS
  - Moving all positions with MSPSUBSWAP
- 7.12 Checking for blank submodel tags
- 7.13 Using the TAGMSPCASH function to tag blank cash entries with submodel codes
- 7.14 LOADMSPDATA
  - What can be added or updated from the file?
  - File Layout
  - Logic
  - Reports
  - Basic Flow
- 7.15 Enabling a different cash calculation start date for performance reporting
  - Enabling a session to recognize the Alternate Start Date using SETPERFSEG
  - Defining a new performance date for a single account using EDITPERFSEG
  - Defining a new performance date for multiple accounts using ADDPERFSEG
  - Viewing segments established for an account using SHOWPERFDATES
  - Creating the segment records in the performance file using PMSECTAI
  - Removing segments associated with a group of accounts using RMPERFSEG
- 7.16 Auto Sleeve Tagging
- 7.17 Using Minimum and Rounding Tables
  - Minimum and Rounding Tables and the UMA Master Manager Rebalancer
  - Configuring Minimum and Rounding Tables for Submodels
  - Overriding Submodel Table Values
  - Commit Check
- 7.18 Using Restriction at Sleeve or Account Level
  - Restriction Method Options
  - View Submodel Attributes
  - Trading Reports

Chapter 8: Submanager Functions
- 8.1 Model Maintenance menu
  - Editing and creating submodels
  - Edit submodel descriptions
  - Importing an APL model
  - Editing a UMA-to-APL model map
  - Importing multiple APL models
  - Updating submodels mapped to APL models
  - Identifying accounts that hold zero shares of a security
  - View Submodel Attributes
- 8.2 Submanager Trading functions
  - Liquidating Model Securities via LSF Day 1 from Sub Manager
  - Tax-aware filters
  - System limits on master manager and submanager intraday trading
  - Strategy Rebalancer function
  - MSP What-if Function
  - Intraday Cash Adjuster
  - Using the Supertick function to trade a group of TBAs
  - MSP Multi What-if
  - MSP Account Adjuster function
  - Block Status function
  - Swap fixed income securities
  - Automatically tagging trades created in Galaxy as UMA trades
  - Portfolio Valuation Report
  - Transaction Activity Report
  - Audit Report
  - Tax Lot Holdings Report
  - Relative Weightings by Submodel Report
  - Historical Performance Analysis Report
  - Daily Blotter Report
  - 13F Report
  - Assets By Industry Report
  - Asset Mix By Account Report
  - Cash Balances By Account Report
  - Cash Transaction Report
  - Cross Reference By Security Report
  - Cross Reference by ISSTY Report
  - Audit general ledger transactions for missing or invalid submodel codes (MSPGLAUDIT)
  - Viewing performance data using the FASTPMSECT Report
  - Submanager AIMRMEMO Report
  - Generating the Fixed Income Screen Report in Tegra118 Windows
  - Security Drift Report
  - DURPORT Fixed Income Summary Report
  - Yield/Duration Net of Commits Report
  - Top Holdings Report
- 8.3 Report functions

Chapter 9: Cash Management
- 9.1 Cash allocation to submodels by the master manager
  - Submodel cash allocation method
  - Negative cash flows
- 9.2 Cash allocation to the submodels using the Strategy Rebalancer at the master manager level
- 9.3 Intraday trading limitations on submodels
- 9.4 Using cash deposits and withdrawals to rebalance an account (intraday trading)
  - Prorating cash
- 9.5 UMA submodel cash calculation for historical performance and reporting
  - Calculating flows between submodels
  - The importance of tracking trade flows between submodels
  - Enabling a different cash calculation start date

Chapter A: Appendix
- A.1 How tax rules are applied
- A.2 Application of tax rules based on selection

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APL UMA Master Manager (Contents, Download)

APL UMA Master Manager (Contents, Download)

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