Brokerage Discretion. Pursuant to the discretionary authority granted to Investment Manager, the Investment Manager may allocate a purchase or sale transaction to a broker-dealer other than AEIS if the Investment Manager believes that such allocation is consistent with Investment Manager’s obligation to seek best execution on the particular transaction. In making such an allocation, Investment Manager may consider not only available prices and commission rates (including the fact that certain transactions effected by Sponsor through AEIS are included in the Wrap Fee), but also other relevant factors such as execution capabilities, research and other services provided by the broker-dealer. You direct Sponsor to follow the instructions of Investment Manager with respect to all transactions in the Program Account, and you acknowledge and agree that Investment Manager may attempt to group orders among its clients where consistent with Investment Manager obligation to seek best execution. You understand and agree that Investment Manager may delegate its best execution obligations to Sponsor where purchases and sale transactions are made through AEIS and, in this situation, Sponsor will be responsible for fulfilling the obligations outlined in this Section.
Appears in 4 contracts
Samples: Client Agreement, Client Agreement, Client Agreement
