Fund management groups are strongly disapproving of analyst involvement in investment banking, according to the 2001 Reuters Survey of European Smaller Companies for investment research, sales and trading and investment banking.
The study noted that fund management groups have voiced their most negative view yet of analysts’ involvement in investment banking work – some 87% say that analysts’ involvement in corporate work dilutes their institutional work.
High levels of satisfactory contact and coverage at the equity research level do not extend to the quoted companies’ relationships with sell-side firms’ investment banking departments, the survey adds. Only 55% of companies say that they have had contact with investment bankers over the past year.
The survey is based on the participation of 382 companies or 61% of the $504bn equity market value of the 700 smaller companies in continental Europe.
The survey also ranked Fidelity Investments as best fund management group.
By Janet Du Chenne
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.