After registration with the SEC, best practice calls for hedge funds to document the process and criteria they use to determine payments for research they receive from brokers and independent research providers.
A web-based software, Hedge Trak allows hedge funds to design and run broker reviews on a completely self-administered basis, ConvergEx said.
ConvergEx Research Solutions CEO said that broker reviews are a critical part of the research procurement and payment process. Hedge Trak gives firms the tools needed to manage reviews in a simple, secure, auditable and historically accurate manner without the operational risk associated with Excel or other manual processes.
ConvergEx’s Cogent Consulting president Robin Hodgkins said that Hedge Trak helps hedge funds deliver a complete picture of the value of their research providers to portfolio managers and analysts and can also be used by traders and back-office personnel to manage their broker list.
ConvergEx offers a complete suite of neutral, anonymous and transparent commission management services that comprises the steps of the commission management process from broker vote to third-party payment.
