Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Fund Company Head Speaks Out Against ICI Proposals Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, January 26, 2004

Fund Company Head Speaks Out Against ICI Proposals

by: Nicole Halsey

Continuing the debate over soft dollar research, Dreyfus Corp.'s Chairman and CEO Stephen E. Canter said proposed restrictions would hurt fund shareholders by prohibiting some of the most innovative research used by portfolio managers the Wall Street Journal reports.

Overall, Dreyfus agreed that scrutiny is warranted in the practice of soft dollars but disagreed with a proposal introduced by the Investment Company Institute which the company believes if passed would benefit large Wall Street securities firms at the expense of many independent, smaller firms.

"I think it's likely that a number of highly valued, independent research organizations would no longer be in business. We would all lose valuable input which we think is integral to our investment process," said Canter who is also a member of the ICI's board.

The ICI board of governors' recently decided to ask the Securities and Exchange Commission to bar the use of soft dollars for stock-research products, computers and software that came from outside vendors. However, the ICI proposed that firms be allowed to continue using the payment system for research and other services produced by the big Wall Street brokerage firms that handle a large portion of their trades. Yet, the organization said Congress should look into the issue.

The ICI has been roughly criticized for its positions on numerous issues, including soft dollars and the hard 4 p.m. trading deadline but members told the WSJ that the organization was pressing ahead with some of its issues because of its desire to surpass regulators on the issue, as well as to detract attention from the criminal probes into mutual-fund trading abuses unrelated to soft dollars.

Craig Tyle, general counsel of ICI, told the WSJ that the group may still support a measure to end soft dollars usage altogether, after SEC and Congressional reviews, but said in the meantime, "it's better to do something that's imperfect than continue to put the issue off." He also said that the group wasn't insinuating that Wall Street research is better than third-party services. Rather, "to the extent this research is valuable, it will be purchased in the marketplace," he said.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q4Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


    Sorry, no records in the database matched your search parameters. Clich back and try again.



  1. WE Philadelphia - Fall Networking Happy Hour, October 16
  2. IMEA webinar - Rethinking Audience, Access, and Impact In Advisor-Facing Content, October 16
  3. WealthManagement.com webinar - Exploring the Longevity of the Manulife John Hancock/Boston Partners Collaboration, October 16
  4. MFDF webinar - From Awareness to Assets: Why Marketing Matters for Registered Funds, October 21
  5. Nicsa webinar - ETF Dual Share Classes: Preparing For Operational Success, October 22
  6. Citywire Pro Buyer Los Angeles Retreat 2025, Oct 22-23
  7. MFDF webinar - Latest in Closed-End Funds Litigations, October 23
  8. Samfund Soiree Manhattan 2025, October 23
  9. Tiburon CEO Summit XLIX, Oct 27-29
  10. IDC Fund Directors Conference, Oct 27-29
  11. 2025 Sohn San Francisco Investment Conference, October 28
  12. IMEA Leadership Planning Meeting, October 28
  13. IMEA Leadership Summit, Oct 28-29
  14. IMEA Rising Star luncheon, October 28
  15. IMEA Boutique Managers luncheon, October 28
  16. IMEA Philanthropic Day, October 28
  17. Nicsa ALFI webinar - The Proposed New Luxembourg Carried Interest Regime: Elixir of Life for Luxembourg Investment Funds?, October 29
  18. Schwab Impact 2025, Nov 2-4
  19. UCITS & AIFMD for U.S. Managers 2025, Nov 4-5
  20. MFDF In Focus webinar - Audit Committee Chair, November 5
  21. IMEA Digital Marketing Roundtable, November 5
  22. 2025 Nicsa Asset & Wealth Management Summit, Nov 11-12
  23. MFDF webinar - Mutual Fund CCO Compensations: The MPI Annual Survey Update, November 13
  24. ALFI Roadshow to Houston, November 13
  25. 2025 Expect Miracles In Boston Gala, November 13
  26. ICI Retail Alternatives and Closed-End Funds Conference, November 20




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use