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Forget unbundling: market can set the price of research

Market forces will continue to drive down bundled commission rates, says Allianz Global Investors CIO Andreas Utermann

Policies on travel expenses vary from company to company, but generally aim to achieve good value for money. They consider not only price but other cost factors such as journey time and flexibility.

Equally air travel differs from airline to airline. Some offer complimentary refreshments or a newspaper, others not. These "intangibles" of course have a cost to the airline, but it is part of the full-service offering.

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