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Alternative Market Briefing

Institutional investors rely on 'brokers vote’ to decide which managers, advisors to hire

Thursday, July 10, 2014

Komfie Manalo, Opalesque Asia:

Institutional investors rely on the so-called "broker vote" to determine which fund managers or advisors to keep, and ultimately, how their research and advisory service dollars will be apportioned as they pare back on the list of brokers and providers.

This was the findings of data provider Greenwich Associates latest survey involving 157 institutional investors. According to the report, entitled Buy-Side Institutions Rely on Broker Vote in a Constrained Commission Environment, through the broker-vote process, portfolio managers and traders score brokers and providers on the services they provide—such as research conferences, one-on-one meetings, access to liquidity, and best algorithms.

"It is important to understand how these 'broker votes’ operate, because in the current environment, the process is emerging as a critical tool not only in helping value research advisory and trading services, but also for reconciling the different service needs of portfolio managers and traders with limited commission dollars to spend," says Greenwich Associates analyst Kevin Kozlowski.

The new report sheds light on the process used by institutional investors to determine which U.S. equity research and providers and brokers they will use and, pe......................

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