It excludes one big item: brokerage commissions run up by the portfolio manager.
The brokerage commissions paid by pensions are also excessive, often inflated due to undisclosed institutional marketing arrangements.
Japan Matsui Securities early this year slashed brokerage commissions in anticipation of deregulation of charges in October.
This year, with help from fund data house Lipper, we have added in brokerage commissions paid by the portfolio manager.
Merrill is one of five firms the fund recommends that its managers use to recapture some brokerage commissions.
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Brokerage commissions can also whack total return in strategies that involve frequent trading, such as dollar cost averaging.
Consultants with affiliated brokerages extract brokerage commissions from the money managers they recommend.
That is, all brokerage commissions controlled by managers, benefit managers in some way.
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Another example: Brokerage commissions for buying and selling stocks were once set by the SEC at a fixed level.
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But brokerage commissions to buy and sell the iShares funds erode the edge.
In other words, they were accustomed to being paid in brokerage commissions.
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The complaint alleges that the consultant was paid undisclosed brokerage commissions, conference fees and other forms of compensation by managers it recommended.
Critics of the pension-consulting industry have raised strong concerns about whether brokerage commissions are a powerful source of so-called pay to play abuses.
The lower minimum holding period requirement considerably reduces the possibility of small investors incurring bothersome brokerage commissions in their accounts when they make changes after start up.
Industry wide individual client brokerage commissions peaked in March 2006 at over JPY 300 trillion annually have been plummeting to a current level roughly half that (see graph).
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Institutional investors still have a long way to go in reducing the brokerage commissions they pay, as well as understanding the allocation of brokerage by their external money managers.
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Brokerage commissions are a huge expense for most funds.
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Note that brokerage commissions are reflected in the cost basis of the purchased securities or as a reduction of the proceeds from the sale of securities and not as an expense of the fund.
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Third, the only fees are normal brokerage commissions.
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In October, Singapore will completely deregulate brokerage commissions.
The activity potentially harmed the pensions, endowments and other institutional investors that sank money into the hedge funds, because the funds were in essence paying bigger brokerage commissions to get the low rent and other perks, Galvin said.
Here the consultant may simply offer its clients the option of paying for services or recapturing commissions through the brokerage affiliate or may actually advise its clients to use its brokerage affiliate.
The contingent commissions are common in commercial insurance brokerage and, if properly disclosed, legal.
"The concern is that those who are pushing into prime brokerage are either aggressively lending" or cutting trading commissions to get the business, he said.
Contrary to traditional belief, trading commissions are not the biggest source of revenues for brokerage firms.
Asset managers, with or without their own distribution, i.e. brokerage unit, would have to strike marketing deals or forego commissions to attract retail and financial advisor driven purchases.
Not having to ask managers for that brokerage, the consultant has the leverage to ask for additional commissions from the manager in return for bringing the account to the manager.
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Other stocks should be contemplated as long-term plays because of the transaction costs:Your broker must go through an Aussie counterpart, adding overseas commissions and foreign-exchange spreads to the U.S. brokerage fee.
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