工作都转移到了成本更低的地方以节省现金。花旗银行的美国股票报道现在在纽约的布法罗发出。德意志银行和JP摩根已经将研究工作转移到了印度。专业外包公司Evalueserve的Marc Vollenweider表示,不仅仅是像数据运算这些低附加值的任务被转移。但是,这个过程也有其局限性,客户会议仍然全部为面对面会议。
The attitude of asset managers is also hardening. With research expenses bundled into commissions for executing trades, brokers tend to flood their clients with research reports in order to try to grab a larger slice of trading revenues. Asset managers leave most of them unread. A survey by Britains CFA Society found that only 22% of its members thought this model best serves the interests of investors.
资产管理公司的态度也在变硬。随着研究经费捆绑到执行交易的佣金中,经纪人往往给他们客户提供大量的研究报告,以此在交易收益中获得更大的比例。资产管理公司的这些材料大都没读过。英国CFA协会进行的一项调查发现,只有22%的成员认为这种模式最符合投资者的利益。
Independent research outfits offer an alternative. Though small, their share of the research vote, an estimate of market share produced by Greenwich Associates, has grown since 2011. They are untainted by the conflicts of interest that bedevil banks offering research on clients, and that led to a 2003 settlement enforcing stricter separation of investment banking and research in America. In Europe commission sharing agreements have grown in popularity since they were introduced in 2003. These unbundle brokers commissions into costs for executing trades and costs for research, which clients can use to buy services from third parties.
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