UK - Deutsche Asset Management (DeAM) has launched a new web-based tool to optimise commission spend, in response to questions raised in the Myners' Review about how commissions are used.
BrokerMerit is a web-based system designed to rate, rank and review the brokers that DeAM uses globally.
DeAM, which pays up to US$1bn in commission on a global basis per year on behalf of clients, is committed to optimising its broker relationships in order to save money for clients.
In the past DeAM has used up to 550 different brokers to provide it with services covering equities, fixed income and foreign exchange. BrokerMerit aims to reduce this list to only the best performers.
The system works by aggregating the views of all those at DeAM ranging from fund managers to settlement officers who receive a service from the sell-side. Once every quarter a snapshot, both qualitative and quantitative. Rankings are then set for the brokers.
Last year the issue of commission was brought to the fore when the Myners’ review of institutional investment in the UK called for greater transparency and accountability. The review questioned the way commissions are used across the UK fund management industry and how they could be used in order to maximise returns. By Madhu Kalia
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