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Broker-dealers reclaim cost analysis

Renewed effort is being put in to marketing cost measurement to the buyside

Portfolio managers used to live in a state of blissful ignorance. They had no cause to dirty their hands with the tricky business of actually buying securities. There was another desk to deal with that, on another floor, with dealers – essentially administrators – to whom they never talked.

The publication of the Myners Report in 2001 changed that. Paul Myners' investigation into institutional investment pointed out that dealers can add value – and subtract it.

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