Euromoney 40th anniversary special: Focus on Fox-Pitt Kelton Cochran Caronia Waller
Independent views lead to advisory opportunities.
BANKING & MARKETS
|Houlihan Lokey; Moelis & Co
Sorting through the wreckage
Old model brings new opportunities
|RBC Capital Markets
Cautious global expansion pays off
Boutique moves beyond advisory
Trading firm aims to stay above the bubble
Bridging the gap between investment and advice
|Fox-Pitt Kelton Cochran Caronia Waller
Independent views lead to advisory opportunities
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SPECIALIZATION BRINGS RISKS. The collapse in equity market values of banks around the world since 2007 and the disappearance of many players have vastly reduced the value of the raw material that brokers of financial stocks get paid to shift around. George Cochran, chairman of Fox-Pitt Kelton Cochran Caronia Waller, a firm renowned for its research coverage of US and European financial stocks, agrees: "The snapshot photo is that the value of UK financial stocks, for example, is down 70% and several names have disappeared, so for a firm that gets paid a few basis points of the value of shares traded, that hurts our revenues."