Commcise, the provider of Integrated Commission Management Solutions for financial services firms, has announced that Sanford C. Bernstein (Bernstein), has completed 2 years’ production use of its CommciseSELL platform. Commcise provides a hosted, fully-integrated client portal supporting all Commission Sharing Agreement (CSA/CCA) and Research Charge Collection Agreement (RCCA) arrangements.
In delivering the project, the combined team implemented a range of complex commission management rules for Bernstein’s individual asset management clients, as described in their individual rate cards. Commcise provided consultancy to ensure a smooth transition from Bernstein’s legacy solution; worked with its team to ensure rapid configuration of the CommciseSELL unbundling and eligibility rules and enabled downstream integration to internal payment systems. “What if?” scenario analysis and retroactive unbundling handled back-dated changes.
The Bernstein client team has continued to use the toolset as asset managers increasingly require full transparency of their execution and research commissions through unbundling.
With a fully-integrated payments module, client payments are sent downstream, with payment instructions recorded in CommciseSELL. This provides Bernstein, their asset manager clients and the research providers a real-time audit via the client portal. Aggregator fees are calculated, where applicable, to provide Bernstein with full cost transparency.
In addition, Bernstein can pool its client cash (by buy-side legal entity, strategy or team), whilst managing balances and payments at a more granular level, as instructed by its clients.
Fredric Gilde, Global Head of Client Strategy at Bernstein commented, “Commcise has given us the ability to handle a range of client needs efficiently and effectively, Features like automated delivery of statements and trade files have enabled us to double our capacity, scaling to hundreds of clients globally with minimal staff increase.” Gilde added “the enhanced client portal gives our clients full visibility into their account balances and trades. Clients are also able to raise payments to research providers and see a detailed audit of the invoice payment process.”
“We have been delighted to work with Bernstein to ensure CommciseSELL continues to meet broker and research provider needs in today’s world” says Amrish Ganatra, Managing Director of Commcise. He added, “The regulations surrounding commission unbundling and research payments are constantly developing, and we are pleased that our clients recognise that we have provided them with a robust, flexible solution that has shown itself able to adapt to the changing environment.”