Is the consultant encouraging its clients to soft dollar or recapture commissions by offering the option?
Wein admitted in his report that soft dollar firms were taking business from his firm.
FORBES: Pensions and Brokerage: The Brokerage Battlefield Revisited (October 1, 2000)
In 1993, Goldman, Sachs and Morgan Stanley, in their testimony before Congress, strongly criticized the soft dollar business.
FORBES: Pensions and Brokerage: The Brokerage Battlefield Revisited (October 1, 2000)
Soft dollar and proprietary trading, securities lending, foreign exchange and custody arrangements are additional issues in need of review.
Since these arrangements are structurally similar to soft dollar arrangements, the confusion regarding the Rule 6-07 amendments is not surprising.
FORBES: New SEC Action: More Brokerage Disclosure to Confuse Mutual Fund Investors (April 1, 1996)
Virtually all of the major brokerage firms offer soft dollar services: in addition, there are numerous soft dollar specialty firms.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
The soft dollar firms formed their own lobby group, the Alliance for Independent Research, to counter the Morgan, Goldman initiative.
FORBES: Pensions and Brokerage: The Brokerage Battlefield Revisited (October 1, 2000)
The SEC specifically excluded soft dollar arrangements from the requirement to adjust reported expenses to include amounts paid with commission dollars.
FORBES: New SEC Action: More Brokerage Disclosure to Confuse Mutual Fund Investors (April 1, 1996)
It is not surprising then, that controversial soft dollar practices are commonplace.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
These soft dollar practices must be properly disclosed by managers to their clients and are reviewed by Securities and Exchange Commission examiners periodically.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
The current regulatory state of affairs permits brokerage firms that do not have a real soft dollar expertise to prosper by facilitating abusive arrangements.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
Plan sponsors do not realize that the brokerage affiliates of consultants are some of the largest soft dollar and commission recapture firms out there.
Soft dollar and commission recapture firms have grown tremendously since the late eighties and have taken a lot of business from Wall Street firms.
FORBES: Pensions and Brokerage: The Brokerage Battlefield Revisited (October 1, 2000)
In summary, the effort to eliminate soft dollars failed and we understand both Morgan and Goldman now offer soft dollar services to their clients.
FORBES: Pensions and Brokerage: The Brokerage Battlefield Revisited (October 1, 2000)
Generally, it is the soft dollar broker who has misinformed the pension fund or money manager regarding the propriety of a proposed soft dollar arrangement.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
What about the consultant who says or implies that the client can only soft dollar its bill with its affiliated broker-dealer and no other firm?
We welcome the new, enhanced Commission scrutiny of soft dollar practices.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
Money managers routinely have questions regarding their soft dollar brokerage programs.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
As you know, all managers would rather have complete control over client commissions for a variety of reasons including best execution concerns and soft dollar opportunities.
FORBES: The Future of the Consulting Industry Speech, (September 19, 2005)
In those rare cases where blatant and widespread soft dollar abuses are brought to the attention of the SEC, the Commission has been reluctant to take action.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
At best, these firms retain outside legal counsel to assist their salesmen and clients (indirectly) regarding regulatory developments and the advisability of proposed soft dollar and commission recapture arrangements.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
Brokerage firms which operate within this regulatory niche of the brokerage business, offering soft dollar services, routinely and informally advise clients as to whether proposed soft dollar arrangements are legally permissible.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
Unfortunately legal ethics generally say that all lawyers can claim to be competent to handle all matters from wills, divorces, traffic tickets, real estate closings to financial derivatives, hedge funds, and soft dollar trading.
As the owner of a soft dollar brokerage firm who is a former SEC attorney, as well as a legal counsel for one of the largest money managers, I frequently encounter soft dollar abuses.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
In my years of experience marketing brokerage services, virtually the only time I have found a single broker-dealer as a commission recapture or soft dollar broker for a fund is what it is an affiliated broker-dealer of the consultant of the fund.
What about soft dollar arrangements?
FORBES: New SEC Action: More Brokerage Disclosure to Confuse Mutual Fund Investors (April 1, 1996)
While the legal, regulatory and compliance aspects of the soft dollar business have assumed greater prominence in recent years and the penalties for non-compliance by money managers can be severe, most soft dollar firms are not owned or managed by individuals with significantly-relevant legal, regulatory or compliance backgrounds.
FORBES: Soft Dollar Zone: A Sensitive Area (January 1, 1997)
Massachusetts Financial Services, an asset manager, has banned soft-dollar commissions (opaque kickbacks from brokers).
Unsolved are problems in corporate and mutual fund governance and soft-dollar arrangements that strongly influence fund managers' dealings with brokers.
This so-called soft-dollar business has allowed anything from research to marketing to be financed by investors who had no idea what they were buying.
应用推荐