Indy Research Group Raises Soft-Dollar Alarm
Traders Magazine, December 2003
Congress should take steps to reform the fund and research industries, but it should not destroy the soft-dollar business. That's the position of a relatively new trade organization, Investorside Research Group, which is promoting independent research firms. The position is endorsed by one prominent former SEC official, who now specializes in soft dollars. "This is definitely a cause whose time has come," said Lee Pickard, a Washington-based attorney who advises soft-dollar firms. Independent research, which comprises about five percent of the some $9 billion research industry, will grow - if unimpeded by lawmakers - by four fold over the next five years, with increased business coming from mutual funds, predicts the leader of Investorside.
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