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Money Managers Bulk Up Research Teams: As Soft Dollars Shrivel, Internal Research Expands.
As the soft dollar squeeze forces investment management firms to show exactly how they spend their commission fees, the reliance on in-house has increased, accord- ing to a recent report by Integrity Research Associates.
"Are you going to pay for external research that you can't control, or internal research, which you can control?" said Michael Mayhew, CEO of the Darien, Conn.-based research and ratings company.
By 2009, money managers will generate 41% of the research they rely on in-house. That number has grown from 26.2% in 2004, according to the report.
This increase will contribute to a continuing decline in sell-side research, with many following the lead of Wells Fargo of San Francisco, which pulled out of the business altogether in August 2005.
Because not all managers can afford to build out their internal research, independent research services provided by businesses will boom. By 2009, independent research companies will expand to 26.2%, up from 15.8% in 2004.
This immediate boom will then be followed by consolidation and fierce competition among independent research providers, according to the report.
"The ultimate survivors will be the firms that produce high quality, innovative research and have strong sales and marketing capabilities," the report noted.
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Source: HighBeam Research, Money Managers Bulk Up Research Teams: As Soft Dollars Shrivel,...