Full poll results
Jethro Wookey looks at the trends behind the latest results.
THESE ARE NOT the halcyon days of credit research. Many houses have downsized the importance of research as part of cost-cutting measures against a backdrop of a prolonged credit bull market. Even those that remain committed to providing a comprehensive service are being forced away from traditional, maintenance-oriented research and towards more anticipatory, ideas-driven approaches. This results from a combination of regulatory requirements, the increasing prominence of hedge funds, the growing sophistication of investors and ever present cost concerns. You cannot speak to anyone in credit research without the cost issue being raised. As Robert McAdie, global head of credit strategy at Barclays Capital, comments: "Credit research is not a service or a library. It is a business."
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