Trading and Markets Staff of the US Securities and Exchange Commission (SEC) has issued no-action relief for institutional asset managers participating in Carolina Capital Market’s (CCM) third-party fixed income research program.
The letter confirms that transactions in fixed income securities can generate soft dollar credits to obtain eligible third-party fixed income research.
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"The asset manager investing in equities is familiar with the availability of acquiring third-party equity research under Section 28(e) safe harbor," says Tom Shugrue, president of CCM. "With rising rates affecting fixed income portfolios, coupled with the abundance of high yield issuance bought for pension accounts, the SEC’s letter is especially pertinent is today’s market. With this clarification, the fixed income manager now understands that, as in equities, they can obtain the third party research to fulfill their fiduciary responsibilities."
Shugrue, with partner, Steve Chaires, have been providing third-party fixed income research to asset managers for years. "I am delighted for the managers that have taken advantage of our program and had the foresight to gain access to third-party research to get greater returns for their clients," says Chaires. "Now, with the SEC’s clarification, there is no doubt that all fixed income managers should obtain third-party research through the CCM platform."
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