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Research

Commission unbundling: a new fiduciary responsibility for asset owners. Are you ready??
This is the featured article in the Mid Year 2016 Zeno Newsletter. The article provides an update on the new directive by the European Union governing the ways that investment managers can purchase research with their clients’ commission dollars. It is intended to both alert asset owners of this new fiduciary responsibility and offer guidance on how to structure new oversight programs that prudently discharge those responsibilities.

Funds upping pressure to get best execution on FX trades
This article discusses how pension funds are increasingly concerned about transparency in transaction costs and achieving best execution. Steve Glass is quoted discussing how managers are the fiduciaries and should negotiate FX trades.

Some fear asset owner concerns not on table
This article discusses how the SEC’s Equity Market Structure Advisory Committee will study the structure and operations of the U.S. equities markets and make recommendations to the SEC on regulatory changes. Steve Glass is quoted in this article, and discusses concerns from a pension fund’s point of view.

Best execution a real conundrum
The focus of this article is on how market participants define best execution in different ways, making creating a single prescriptive definition difficult. Steve Glass is quoted in this article.

Tracking trading costs
P&I’s June 1, 2015 edition featured Zeno charts showing trading cost trends for large cap and small cap strategies.

“The $250 Econ 101 Textbook” and other Soft-dollar concerns for asset owners
This is the featured article in our 4Q14 Zeno Newsletter. The article discusses new regulations that were proposed in the UK and European Union that dramatically alter the manner by which investment management firms obtain soft-dollar research and other services, and how this will affect global managers’ administrative and operating procedures. How will this add to the fiduciary obligations for both the managers and their institutional clients regarding the oversight of Fund assets?

Tick size pilot said to be too complicated
The tick size pilot study developed by the national stock exchanges is meant to test whether small cap stocks would see more liquidity and if there would be more initial public offerings if shares traded in larger increments or “tick” sizes. Zeno’s President & CEO, Steve Glass, is quoted in this article.

Enhancing your Manager Search process – by using Trade Cost Analysis prospectively
This is the featured article in our 3Q14 Zeno Newsletter. The article illustrates how using TCA to supplement traditional forms of manager due diligence, provides unique insights that enable asset owners (and their consultants) to make more informed fiduciary decisions.

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