Most fees are probably from trading but the process seems very convoluted. How do you guys decide which firm to give the trade? Based on what do buysiders pay sellsiders? Is there a formula? Which parameter weighs most?
Subscription to sellside reports? Answering emails? Phone discussions? #of times buysiders attending corporate access meetings? Etc?
Thanks.
Wayne
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We have like 12 or so broker relationships across the street that we maintain. For 1-3, usually they provide something that we see a lot of value that is beyond the usual corporate access and research such as getting us allocations to pre-IPO shares, helping us with derivatives structuring and trading, helping us with hedges and baskets. Importantly it is being helpful to us when we reach out. For 4-8, these are usually the run of the mill relationhips. And we just ensure that 4-8 gets all get around the same. For 9 through the tail, we just hit what we think is a minimum so they don't get angry and cut us off from their passive research. Usually, we will not reach out to these banks and take up their time. If we do, that is usually one off and they know it. So it is a very passive relationship.
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