Iginla2011

bp, please let me add this dimension to explain the complexity of this soft dollar arrangement.

I reside in Nigeria, where the the portfolio managers are the brokers as well. Most (if not all) the Asset Managers execute trades on the floor of the exchange using their own staff (who is the broker in this case).

Commission is regulated in Nigeria, and it constitute an income stream to the Asset manager firms.

I experience great dillemma reconciling the position of CFAI that brokerage belongs to the client!