In April, Substantive Research, an equity research discovery and pricing analytics platform for asset managers, published the results of its latest survey of 40 long-only managers and hedge funds. Based in Europe and the US, these firms have assets under management ranging from $2 billion to $800 billion.
The survey finds that asset managers continue to cut spending on research and to allocate a higher percentage of their shrunken budgets to an oligopoly of bulge-bracket investment banks.
In 2020, fully 51.6%
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