State Street Corporation has expanded its commission management service offering to provide a complete, end-to-end application that enables customers to better manage commission flows, address regulatory reporting requirements and administer commission sharing arrangements.
State Street Global Markets, the investment research and trading arm of State Street Corporation, has acquired FinancialSockets, an innovator in global commission management that offers asset management firms a pioneering technology application for effectively managing and reporting on their usage of research and execution commissions.
“Partnering with State Street Global Markets presents an opportunity to integrate our technology with their industry leading commission management services. Together we will bring a comprehensive set of tools to the market, enabling us to expand our services to a greater number of the worlds leading asset management firms at a time when demand for more transparency is growing,” says Robin Howard, CEO, FinancialSockets.
The current industry practice for commission sharing can be complex and inefficient, since investment managers, brokers and research providers all operate independently.
“Commission management is becoming an important service for asset managers who need to meet compliance demands of best execution while simultaneously preserving their ability to acquire research from multiple providers. Our combined service offering will provide institutional investors with a comprehensive solution across the entire commission management process,” says Stan Shelton, executive vice president and head of State Street Global Markets.