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Research Payment Account Management

Manage global commissions utilized for investment research payments

Evolving market practices and global regulations, including MiFID II, have increased scrutiny over how asset managers pay for research. Compliance requirements for the new investment research payment regulations has led to the unbundling or separation of trade execution and the adoption of Research Payment Accounts (RPA’s). New requirements state that research is not considered an inducement if the investment firm pays directly out of their P&L or from a Research Payment Account.

Given the shift in payment models, our Research Payment Account Manager platform is a MiFID II compliant solution for managing research payments using any funding source. RPM ingests research budgets, manages invoices linked to research payment accounts and allocates costs to portfolios. Key benefits:

  • Budget allocation - Calculates allocation of budgets to portfolios with dynamic recalculation of budgets when costings change
  • Flexible payment facility - Web-based solution for the management of payments and balances through both virtual and custodial aggregation-through a banking partnership and/or a firm’s own P&L
  • Automated Reconciliation - Sophisticated matching engine allows clients to reconcile RPAs and CSAs in an automated fashion
  • Document management - Comprehensive document management of payments and attribution of research costs to portfolios
  • Interconnectivity - Our interface to IHS Markit’s Payments product allows for the automatic recording of sweeps from CSA Accounts with the ability to monitor each portfolio’s CSA credits and alert when approaching contribution target as well as management of direct payments to the Research Payment Account by individual portfolios
  • Monitoring regulatory reporting Assisting with regulatory reporting with ability to create 20+ standard reports
  • Administration - Registering as an Authorized Payment Institution in Europe and to offer full Research Payment Account Administration services in conjunction with a global bank
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