Value and Opportunity Among Asset Managers in the U.S. Equity Market

Broker proprietary and third-party (“Independent”) research is important to asset managers.  Most are avid consumers of externally produced offerings.

Research encompasses multiple services.  In fact, no fewer than eight major offerings are actively used by asset managers across the industry.

Key Findings:

• Demand by market segment, based on asset manager equity AUM, differs considerably.  

• Key individuals influencing how and where research dollars are spent also vary.  

• Providers looking to supply research with a  “one size fits all”  model are squandering resources.  

Few brokers and independent research firms are appropriately organized and staffed to service the demands of all segments.  Even if providers have suitable resources and are outwardly disposed, failure to make available particular content through desired channels misses revenue opportunity.

Our report explores the demand for research services and the influence of trading and investment roles in the allocation of research-related commission across the following asset manager segments:

• Asset managers with $100 Billion + Equity AUM

• Asset Managers with $10 Billion to $100 Billion Equity AUM

• Asset Managers with Less than $10 Billion Equity AUM

Research Services include:

• Access to Company Management

• Actionable Research / Stock Picks

• Analyst Services

• Custom / Bespoke Research

• Economic Analysis / Portfolio Strategy Advice

• Expert Networks

• Global Quantitative Research

• Individual Company / Industry Studies

• Macroeconomic Research

• Market Microstructure Research

• Research Conferences / Seminars

• Technical Securities Research

Our survey sample is comprised of 49 asset managers, almost entirely investment advisors and pension funds.  Most employ fundamental and/or quantitative investment strategies.  These firms range in size from US$1 Billion Equity AUM to more than US$100 Billion Equity AUM.  The sample is representative and reflects almost 20% of the aggregate commission spend by such firms in the market.  Respondents were almost exclusively head traders at these organizations.

This 32 page report contains 22 figures and tables.

The report is available free of charge to Woodbine Associates Market Intelligence Service members.  It may also be purchased individually.

For more information please contact:

Matt Samelson
CEO and Director of Equities
Phone:  203-274-8970 ext 201

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