U.S. institutional investors spent $11.29 billion on equity trading commissions in the 12 months ended Jan. 31, down 11% from $12.65 billion in the prior 12-month period, according to new research from Greenwich Associates. The average institution spent $27 million on commissions in 2003, down from $29 million, according to the report.
Greenwich also reported that institutional investors allocated a combined 18% of their total commissions to soft-dollar transactions and commission recapture programs in 2002 and 2003, but the rate is expected to drop to 11% over the next 12 months.
