Demand Rises for Certified Prices

Firms are moving away from a vertically integrated model where they use in-house resources to value securities, said Donald Putnam, managing director of merchant bank Grail Partners, which advises investment managers. Three years from now, only certified prices provided by a third party prepared to stake its "credibility and reputation behind the price" will be an acceptable basis for calculating investment managers' fees, Putnam predicted.

According to Philip Stapleton, president of fund ad

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