UK - Russell Investment Group has appointed UBS' Ian Toner to the newly-created role of global commission management programme head.
Russell said the senior appointment was an indication the firm still saw value in the commission recapture industry despite concerns raised over unbundling.
There has long been heated debate surrounding the issue, and some exiting players have gone so far as branding the industry as one “in terminal decline”, adding it was no longer a profitable service to offer pension funds.
But Natalie Pilcher, director of Russell Implementation Services, said: “There have been major changes in the commission management business since the debate on unbundling and increased disclosure into commission spend began in earnest two years ago. We are confident that Ian will continue to help our clients benefit from these changes.”
In his new role, Toner will be responsible for the business growth and development of Russell’s commission management efforts around the globe.
Toner joined Russell from UBS Investment Bank where he was executive director of the Europe, Middle East and Africa (EMEA) management office. He was most recently involved in the development of new approaches to transparency and unbundling in the equity market, and the effect of regulatory change on client business.
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