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"From the perspective of independent and boutique research providers, the fact that their commission intake did not grow over the past 12 months during buoyant markets raises some troubling questions"
Jay Bennett, Greenwich Associates |
Like Hollywood celebrities, US fund managers are used to getting lots of things for free, such as equity research. Although they are now expected to justify their conspicuous consumption, it seems that the sense of entitlement is hard to shake. Fund management firms are ramping up their use of independent research but, according to a new study from Greenwich Associates, these institutions are not increasing the amount of commission dollars they pay to independent research providers.
"When looked at in light of the increasing usage reported by buy-side analysts, we have to wonder if some non-broker/dealer independent...
