When one of the world’s most successful M&A advisory firms announces an acquisition of its own, people are bound to scrutinize the deal. That’s certainly true with regard to Evercore Partners’ planned takeover of International Strategy & Investment Group, the New York–based research outfit launched in 1991 by celebrated economists Ed Hyman, a member of亚博赞助欧冠s全美研究团队名人堂那and Nancy Lazar.
起初腮红出现了合并将导致整个 - evercore ISI机构股票 - 这比其部分的总和大。Evercore，纽约的投资银行公司于1996年由Roger Altman，Blackstone Group的罗杰·奥尔曼（Blackstone Group）和克林顿政府副秘书处，获得着名的研究行动，他公司一直在努力自2010年以来，自己建立有限的成功。
ISI通过Evercore的投资银行业务确保访问新的收入渠道。“这为我们提供了新的和重要的输入，我们的薪酬池，它加强了我们保留和吸引最佳分析师的能力，”凯曼说，目前在经济学中的第1号庆祝他的第35位全美研究团队。
该公司无疑是一家股权研究促销机构。它在今年排名的第10号到第5号，优先表现了许多具有明显更大资源的隆起 - 支架操作 - 其28个出版分析师的23个在团队中获得了一个地方。ISI研究人员在九个部门中的最高点，除了调查冠军J.P. Morgan除外的任何其他公司。
Evercore also has much to celebrate of late. It was among the advisers on one of the year’s most high-profile deals, North Chicago–based pharmaceuticals manufacturer AbbVie’s $54 billion acquisition of Ireland’s Shire.
“这是一个很少的人之一，如果不是唯一的，我可以记住在过去的15年里，在过去的15年里，在两个球员的最大力量的位置，”梁ISI集团总裁Vinayak Singh。埃尔曼和查尔斯迈尔斯·奥尔曼机构股市负责人，将在公司的研究，销售和交易运营后指导新的实体。（该交易预计将在年底前关闭。）
Evercore表示，新公司将提供基本，宏观经济和政策研究，并涵盖12个行业的大约620家公司，超过1,750个机构投资者。亚博赞助欧冠
Client reaction has been mixed, with many adopting a wait-and-see attitude. “ISI has built a team of highly respected fundamental analysts. I have been kept adequately informed as to the merger, and I really don’t think it will affect our usage of ISI research, although I recognize it may be too early to make that assumption,” observes one money manager who voted for the firm’s analysts in this year’s survey. (We keep confidential the names of respondents and the firms they work for to ensure their continuing cooperation.) Polling concluded before the takeover was announced.
“合并是商业角度来看的一个很好的想法。ISI有一群非常好的分析师。Evercore有一群非常好的银行家。这可能会产生一个巨大的共生关系，“相信另一个买边的支持者。“然而，ISI一直是一家独立的研究公司，并且有时可能在银行家，分析师和经济学家之间发生的冲突。时间将判断ISI的研究是否仍然是独立的。“
其他人提出了同样的关注。“ISI一直是独立和创新的，我希望他们在新的所有权下保持同样的精神，”一个盟友说。“老实说，我的第一次反应是消极的，但时间会告诉。”
Longtime clients put the deal in perspective. “ISI either needed to refocus on macro, where we felt they had begun to fall short relative to their peers, or get much bigger in terms of breadth of industry group coverage, to effectively compete for commission dollars with bulge-bracket firms,” explains one investor. “Given [Evercore’s] relative lack of research capabilities, the deal accomplishes neither of these tasks.”
ISI于2008年开始进入基本分析，当时它雇用花旗的大卫罗索，然后在第1年在第1年的第1年，以获得机械部门的覆盖范围。In the years since it has enticed more top-flight talent from rival firms, including Credit Suisse’s Omar Saad (Apparel, Footwear & Textiles; Retailing/Specialty Stores), Deutsche Bank Securities’ Mark Schoenebaum (Biotechnology, Pharmaceuticals/Major), and Morgan Stanley’s Gregory Gordon (Electric Utilities) and Douglas Terreson (Integrated Oil).
然而，与此同时，ISI开始失去许多帮助巩固其声誉作为首映宏商店的研究人员，包括技术分析师Jeffrey Degraaf;经济学家Nancy Lazar（ISI联合创始人）;政治分析师Thomas Gallagher，Andrew Laperriere和Roberto Perli;和投资组合策略师Françoistrahan。（Degraaf开辟了自己的公司那Renaissance Macro Research; Gallagher moved to Scowcroft Group, a Washington think tank; and Laperriere, Lazar, Perli and Trahan joined forces last year to launch基石宏。)
“合并对于ISI生存是必要的，”一个客户争夺。“在过去几年中，ISI宏观研究质量上有一个明显的堕落，因为许多公司的顶级分析师 - 如拉齐尔，退化和特拉努斯 - 离开竞争对手。虽然一些ISI的顶级行业分析师仍然存在，但我们相信这种天赋将难以保留前进。“
其他人担心新实体对于较小的资产管理人员来说将过得普及，即使他们认为合并是有道理的。69，Hyman越来越多，并正在寻找一种方法可以在[员工股权所有权计划]之外将其公司批准，“解释一位客户。“我认为随着时间的推移它会给ISI施加压力，为买边筹集费用。我们是一个相当小的投资商店，发现难以单独支付我们的研究和软美元成本，并且必须更具选择性，我们用来最大限度地获得收到的价值。我会很奇怪，关于未来几年ISI的赚取规定的细节。它们是根据保留和佣金水平的吗？总的来说，我认为这更像是较小的买方投资者的负面。“
任何公司都没有披露交易条款。Evercore Partners, in its August statement, announced that it was buying ISI along with the 40 percent interest in its Institutional Equities business that it doesn’t already own and will issue up to 8 million share equivalents, worth roughly $406 million at that time, for the two acquisitions. Roughly 70 percent of the maximum share consideration is dependent on Evercore ISI’s hitting certain targets over the next five years. Those targets include a compensation ratio of 55 percent and operating margins from research, sales and sales trading increasing from 12 to 17 percent over the performance period.
“The deal presents a great opportunity for Evercore to buy a high-quality research organization at an extremely cheap price, in my estimation,” says Michael Mayhew, chairman of Integrity Research Associates, a Darien, Connecticut–based consulting firm that reports on trends in the global investment research industry. Evercore’s attempt to build its own research department took too long to take off, he adds, while ISI management recognizes that building an investment bank from scratch would be too time consuming and distracting. “The structure of the deal gives ISI the opportunity to get a reasonable valuation if they’re able to experience the growth that’s built into the deal.”
That may not be so easy. Commissions for U.S. equity research are down sharply despite the fact that U.S. stocks have been reaching record highs. “I’ve never seen anything like it, where the market has more than tripled and [equity commission] volumes are basically where they were in 2009,” Hyman says.
Singh, a 20-year veteran of ISI, acknowledges that fee volumes “have continued to decline much more than any of us had expected.”
Still, there are encouraging signs. Demand for research remains high and volumes have risen modestly over the past 18 months or so. “I won’t say research is healthy, it’s just off the bottom,” Mayhew says.
尽管如此，“它仍然非常艰难，我的业务计划不包括卷拾取，”赫曼解释说。“但改善的几率更大，因为卷现在如此之低。”
如果欧洲监管机构有自己的方式，那么所有这些都可能很重要，并且成功地建立了全球先例。The U.K.’s Financial Conduct Authority has come out in support of a European Securities and Markets Authority proposal that would require research expenses to be unbundled from execution costs — a change that, if implemented, would have far-reaching effects on asset managers and research providers. (See “解开研究。“）
“This is a scenario where no one seems to be happy except the regulators,” says Mayhew. If every piece of research must be purchased separately, then it’s highly likely that money managers will consume less — which will lead to narrower margins, lower profits and potentially lower pay for research providers, he explains. It may also prompt buy-side firms to create or expand inhouse research operations rather than rely on the sell side or third-party providers, Mayhew adds.
独立研究人员可以在ISI的脚步声和寻找投资银行合作伙伴的一种方式。一个膨胀架企业的股票研究主任，询问不使用他的名字，相信Evercore ISI安排可能代表投资研究的未来。“大公司已经变得过于官僚，而小公司挣扎赚钱。但是，与投资银行的金融支持的精品店可以证明是一个获胜的组合，“这位观察员说。“艾德可能真的在这里。”•