The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Myners’ hard line on soft dollars

Paul Myners

It may have been buried towards the back of a long report but it has certainly elbowed its way into the spotlight since. A call by Paul Myners, in his review of the UK's investment industry, to address how and why fund managers pay commissions to brokers has sparked a heated debate.

At the heart of his proposal is the idea that there is too cosy a relationship between brokers and fund managers. The main target of his criticism is the practice of brokers giving fund managers soft commissions, or soft dollars, in return for their orders.

Myners, the chairman of Gartmore, was clearly aware of the possible reaction his views might provoke. "I think a lot of people were surprised by my proposals on commissions - after all, this is about a 50-year-old tradition," he said.

Although soft commissions, or soft dollars, most commonly involve the broker providing research to the fund manager in return for trading commissions, other forms of payment are sometimes handed over.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree