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Unbundling Looms

Traders Magazine, January 2006

Gregory Bresiger

The Securities and Exchange Commission last month gave money managers the green light to pay for research services with their clients' commission dollars. But that didn't stop the country's largest buysider from declaring open war on the practice. Fidelity Investments struck a deal with Lehman Brothers recently to pay for Lehman's research with its own hard-earned cash rather than that of its millions of small investors. It is pursuing similar deals with other brokers.

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