Background

 

   Precision Guided Payments (PGP) allow P&L managers to make targeted equity commission research payments to US bank research producers that aren't registered as Investment Advisors and are unable to accept cash payments for research via a European entity.

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   The payments come from only the funds using the specified research and allow managers to continue to use P&L for the vast majority of their research payments.  Frost and its Execution/Administration partner have a series of specialized tools to make these precise payments and strategies to ensure asset owner agreement.