Putting Clients First
March 6th, 2008 by Buck Woodford
The SEC found that mutual fund giant Fidelity — including legendary manager Peter Lynch — failed miserably in that area.
The gist: Fidelity portfolio managers and traders apparently paid Wall Street brokers inflated commission in exchange for lavish gifts — some not exactly kosher. Those commissions, of course, are paid out of the assets of each mutual fund to which the trades are allocated. In essence, fund shareholders paid for lots of goodies, including one Fidelity trader’s $160,000 bachelor party.
At Teewinot Asset Management, we not only utilize what we believe is the best / lowest-cost brokerage service available, we also abide by our fiduciary duty to always put client interests #1.
The best part? Our performance-fee incentive model makes it economically (in addition to morally) beneficial to always look out for our clients’ bottom line. And we will continue to do just that.
