Lehman Brothers may be forging a future of "unbundled" fees, through which mutual fund companies pay for research, rather than build the cost into the commissions customers pay on trades, according to The Wall Street Journal.

Last year, Fidelity announced deals with Lehman and Deutsche Bank to separate research costs from other fees and pay that cost out of pocket. Fidelity has entered similar negotiation with other brokerage houses since, according to spokesman John Brockelman.

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