Investment bank research has taken a further battering with Schroders, the asset manager, criticizing the role of analysts in the new economy bubble.
Schroders says there are hardly ever any sell calls from sell-side analysts. It found that 67% of analysts thought their bank would be excluded from corporate finance deals by a company if they issued a sell recommendation on it.
Nick Anderson, head of pan-European research at Schroders, says that while banks have to declare in their research if the company covered is one of their clients, they do not have to declare if they are pitching for new business from that company.
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