During the pricing cycle, asset managers receive prices from multiple vendors and brokers as well as quotes from their internal desk, especially for hard-to-value securities. These quotes are used to price securities based on waterfall hierarchy and also as a reference to compare with other broker-dealer quotes. While quotes are sent by vendors and broker-dealers, the responsibility is on the fund manager to ensure accuracy in the pricing process and to report the valuation of the securities to their valuation committee and investors. Read More
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