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The main objective of our Commission Recapture Program is to utilize commission dollars generated by investment managers in the normal course of buying and selling securities to benefit plan members. Commission dollars do not belong to the plan's investment managers; they are a cost of doing business and therefore are plan assets.
After implementation of the Directed Commission Letter (DCL), Investment managers can begin trading toward the program, which will ultimately benefit the Client.
Pension Fund Evaluations, Inc.'s Commission Recapture Program offers the most opportunity to recover plan commission dollars, while affording additional Trustee fiduciary protection.
(1) Pension Fund Evaluations, Inc. has clearing relationships with Capital Institutional Services, Curtiswood Capital, Knight Securities and Pershing and Abel Noser. Investment managers have the ability to direct trades for their clients either at discounted commission rates or to obtain trade- generated commission rebates for client portfolios.
(2) A monthly report detailing all trades, which were executed for the Commission Recapture Program along with all trades, not executed for the program. Within this report, Pension Fund Evaluations, Inc. will analyze the price paid per security vs. daily high, low and average volume-weighted price.
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