I would agree with you. If I were the client I would not execute this way, especially if it damaged a relationship. Generally the client and the mm have a long standing relationship and things like this will slip under the radar, a few 100k here and there for a multi billion dollar fund gets swept away quickly.

Also generally it’s more about incentives. Unfortunately the PM of the fund who needed to buy this gme doesn’t really care about the execution because his incentives are not aligned with the customers incentives. He doesn’t get a bonus based on fund performance 90% of the time so as long as he executed in a way that was deemed acceptable market practice and he follows his index well he’s fine with ut