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Institutional
Trading
Soft-Dollar
and Commission Recapture Programs
Municipal Underwriting
Institutional
Trading
Because
of our commitment to provide best execution, add value, and
surpass expectations, we are uniquely qualified to provide
equity and fixed income-trading services to institutional
investment managers, pension funds, foundations, and endowments.
With an average of 20 years of trading experience, our traders
have the ability to innovatively execute trades without adversely
affecting the market, access information that will assist
our clients in making effective trading decisions, and ensure
a client's anonymity.
Capabilities
- With
direct lines to independent floor brokers, we are well positioned
to execute trades on the NYSE and Regional exchanges.
- By
keeping pace with the electronic developments in the brokerage
industry, and utilizing the most up-to-date trading systems
available, our traders can effectively execute equity orders
for both Passive and Active money managers.
- We
are a principal market maker in a tailored list of NASDAQ
stocks.
- We
have the ability to obtain competitive prices on the following
fixed income securities: US Government and Agency issues,
Mortgage-Backed issues, Municipal Bonds, and Certificates
of Deposit.
- To
meet the needs of clients that wish to trade foreign equities,
we have formed alliances with Merrill Lynch, Pershing, and
HSBC to execute trades on our behalf.
Clearing
Pacific American Securities has domestic clearing relationships
with Pershing LLC and Broadcort.
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Soft Dollar Programs
Investment Managers may utilize commission dollars to obtain
research services by establishing a soft-dollar account with
Pacific American Securities. We are committed to providing
our soft-dollar clients with the following services:
- Accurate
and timely trade execution.
- Competitive
commission ratios.
- An
accurate accounting of soft-dollar expenses vs. commissions.
- A monthly
detail of soft-dollar balances.
- Effective
monitoring of all soft-dollar expenses to ensure that payments
are made for expenses allowable under 28(e), the safe harbor
rule.
Commission
Recapture Programs
Commission Recapture programs have become very popular with
Pension Funds. The primary reason for their popularity is
the desire of trustees to maximize returns for their participants.
Pension Funds use the programs to simultaneously increase
cash flow and reduce transaction costs.
Our Commission Recapture program will satisfy the following
fiduciary guidelines:
- Control
the assets of the Fund.
- Conserve
the assets of the Fund.
- Effectively
use commissions for the benefit of the participants.
We recognize
that these programs are dependent upon participation of the
investment managers. We encourage their participation by providing
the same level of service that we provide to all of our clients.
Our traders communicate regularly with our money managers.
Our traders are proactive, they will not "wait by the phone"
for an order.
Because every retirement plan has unique needs, we can customize
a program specific to each Fund. Included in each program
is a complete record keeping service that will report trade
and commission breakdowns, and provide monthly and quarterly
statements.
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Municipal Underwriting
Pacific American Securities is among the firms listed
in the State of California's underwriting pool and acts, from
time to time, as co-manager for new bond issues from both
the State of California and local governments.
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