Do you consider Equity Research front office?
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Lmao is this a joke
All we do is talk to clients and company management
MS, unless you are Grimes or basically anyone at Goldman (where most of their analysts suck anyway) management teams are certainly taking research coverage into account. New rules make it pretty hard for them to get to know the analysts that well ahead of time, but there is a clear reason why analysts in banking heavy sectors make $2mn plus per year and it has nothing to do with broker votes. Face it - banking is pretty non-differentiated. What one banker provides is pretty much identical to what another provides. What wins deals is long term relationships and in many cases the coverage from across the bank that the bank will provide - and that in most cases certainly includes research. Hell - not many years ago, research analysts would not only go on the pitches but actually lead them
U triggered bro?
Pre Spitzer, bankers were nothing more than the bag carriers of analysts. Even now managements pick bankers based on the analyst coverage (well except at Goldman...)
Lol BAML1. No they don’t. But it’s the favourite excuse of the bankers who don’t get picked
And research does gen rev
Didn’t you ask this yestersay
@BAML1, not sure if you’re in research or ECM, but that’s a warped view. I sit in coverage and many of our key client relationships aren’t covered by research. Many are drummed up via industry connections. There’s real value from the clients’ view in having a definitive (and potentially differentiated) view with respect to strategic opportunities / funding / structuring
It obviously is industry and product based. In very simple IPO banking research is a huge part of the decision process. And I sit in a tech sector where research is much more important than some other industries such as metals and mining or industrials. But I think my point is still valid - and trust me on this, it was learned over many, many years in this business
My view is based on 15 years in ECM
Mine is based on 25 years in banking and research. But I will concede it is certainly product and industry based
I’m not saying that having a great analyst or one with a positive view on a stock can’t help winning a piece of business. What I’m disagreeing with is that the analyst would be a significant driver of the depth of a relationship - that’s not the case in my experience. But let’s move on to more exciting debates!