US - Institutional investors have dramatically reduced commission payments for third-party research products, or so-called "soft dollar" allocations, according to research from Greenwich Associates.
Greenwich explained there has been uncertainty about how regulators would ultimately rule on the issue of soft-dollar arrangements which prompted US institutions to adopt a conservative stance.
Industry-wide soft dollar totals dropped 25% to US$725m in the 12-month period ending February 2007 from $970m the prior year, according to figures from Greenwich Associates’ 2007 US Equity Investors Study.
However, the research suggested institutions were starting to adopt a 'business as usual approach' when it comes to paying third-party brokers for research and other services, based on a growing belief that the Securities and Exchange Commissions (SEC) is not planning a dramatic overhaul of rules.
When institutions were asked to project their intended third-party products/services budgets for the coming year, they predicted a market-wide bounce back to 10% of total commissions.
Investment managers have predicted third-party allocations will jump to 13% in 2008, and banks expect to increase allocations slightly from the current 20%.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.