尽管在美国和其他地方前所未有，但金融服务业几十年来，金融服务业几十年前面临其最严重的危机。股票市场正在经历野蛮波动，在道琼斯的道琼斯工业平均水平中有三位数点波动，随着惊人的规律性。美国和欧元区的15个国家已经在经济衰退，失业在世界各地崛起，很少有人期待很快就会回来。
Against this backdrop of seemingly universal negative news, at least one positive development can be found. As sell-side firms — and even some buy-side outfits — trim their staffs and streamline their operations in an effort to cut costs, some money management firms are adding researchers by choosing from the best of the newly available analysts. Investors may still be leery of treating battered markets as a buying opportunity, but savvy buy-side firms have been quick to avail themselves of what they see as a hiring opportunity.
T. Rowe Price Associates, whose assets under management were $345 billion at the end of the third quarter, added 20 analysts in the past year, for a global research staff of 126; the team tracks 1,600 stocks, up from 1,500 one year ago. Eleven of the newcomers work in Asia or Europe, bringing the Baltimore-based firm’s overseas equity analyst head count to 41.
“Our U.S. analysts have their peers in other countries, and they talk to one another and travel with those peers,” explains Anna Dopkin, co-director of North American equity research. “That kind of teamwork happens very frequently,” she says, as investors demand a more global perspective on their investments.
该公司了解招聘质量分析师：T. Rowe价格研究人员今年最佳的11个点中的三个景点中的三个，机构投资者每年的购买侧分析师的年度排名，由他们的卖方同行选择。亚博赞助欧冠近400名卖方研究人员，来自95家公司，他们参加了2008年的全美研究团队调查（2008年10月）的全部研究团队调查（2008年10月）名称，他们将其考虑九个行业类别的最佳资金管理分析师，从基本材料到亚博赞助欧冠电信。其中九个类别中有两个有关系，总共有11名获奖者。
T. Rowe’s Peter Bates shares top honors in Capital Goods/Industrials with Claude Staehly of Wellington Management Co., while Joseph Fath leads the Consumer category. Gabriel Solomon, in his first appearance on the Best of the Buy Side, captures the crown in Financial Institutions (see profiles below).
Fidelity Investments, with $1.4 trillion in assets under management, has two winners: Matthew Schuldt is the best in Basic Materials, and Peter Wright shares the winner’s circle in Technology with Robert Bowman of JPMorgan Asset Management.
Walter Donovan, president of the equity division of Fidelity Management & Research Co., with responsibility for the Boston-based firm’s equity trading, research and portfolio management, says Fidelity increased its equity analyst head count over the past year, from 402 to 439 worldwide, and expanded its operations in Hong Kong, London and Tokyo. He declined to disclose the number of stocks his analysts cover.
唐诺万周围全球新上市的上市公司数量的“爆炸”，对经验丰富的研究人员来说，能够在这些动荡时期找到购买机会的促进需求：“你需要更多的人转过岩石，”他说。
富达的克罗斯敦竞争对手，惠灵顿管理，在管理层的资产4500亿美元，今年的一项分析师也有两项分析师：Ann Gallo，医疗保健的1号，并表现得名。
Mark Mandel, head of Wellington’s global industry research division, added four analysts in the past year, for a total of 54. With ten analysts stationed in Hong Kong, London and Singapore, the firm is able to track about 3,000 stocks, or roughly 90 percent “of the companies around the world that have investable floats of about, or over, $2 billion,” he says.
曼德尔说，拥有全球的存在是必不可少的，不仅是因为投资者希望对他们的投资组合进行更广泛的观点，但也因为许多公司正在扩大他们的国际运营。惠灵顿的三个分析师在亚洲覆盖了全球集团，如纽约的大道 - 棕榈骨，因为“他们的增长在世界的成长中，”他解释道。第四届亚洲分析师涵盖了技术。
惠灵顿还拥有伦敦的三个银行分析师，涵盖欧洲，新兴市场和亚洲的金融机构。
今年的买方的其他最好的赢家约翰·曼斯菲尔德of SAC Capital Advisors, who makes his first appearance on the list, in Energy (see profile, below); Vincent Rivers of Pyramis Global Advisors (Fidelity’s institutional investment division), who is the favorite in Telecommunications; and Andrew Slabin of GLG Partners, on top in Media.
| 最好的Buy Side | |
| 基础材料 | 卫生保健 |
| Matthew Schuldt Fidelity Investments |
|
Wellington Mgmt Co.
资本商品/工业媒体Peter BatesT. Rowe Price Associates
Claude Staehly
Wellington Mgmt Co.
Andrew SlabinGLG Partners
Consumer技术Joseph FathT. Rowe Price Associates
罗伯特鲍曼jpmorgan资产mgmt.
Peter Wright
Fidelity Investments
Energy电信约翰·曼斯菲尔德SAC Capital Advisors
文森特河流Pyramis Global Advisors
金融机构加布里尔所罗门
T. Rowe Price Associates
加布里尔所罗门
T. Rowe Price Associates
金融机构
Sell-side analysts say Gabriel Solomon of T. Rowe Price Associates, voted the Best of the Buy Side for his coverage of Financial Institutions, “works around the clock to stay on top of industry and company fundamentals” and is “skeptical about management commentary.”
A native of Los Angeles, Solomon earned a bachelor’s degree in economics from the University of California, Los Angeles, in 1999. He then spent three years as a management consultant in the Los Angeles office of Sibson Consulting, specializing in executive
compensation and corporate governance, before enrolling in the MBA program at the University of Pennsylvania’s Wharton School.
索洛蒙称，30岁，他渴望参加沃顿参加沃顿投资管理基金的机会，一个小型价值投资组合，由12名学生经营，由校友贡献。“我们不得不向基金推出股票，”所罗门说，回顾了他花了数百小时的谈话，并进行频道检查和建筑模型。
It proved to be good training for his job at T. Rowe Price, which he joined in 2004, because the companies he was initially hired to cover — property/casualty insurers — are “more of a value-oriented group,” he says. Solomon gradually expanded his coverage to include the three remaining “pure-play” trust banks — Bank of New York Mellon Corp., Northern Trust Corp. and State Street Corp. — as well as the big multiline insurers American International Group and Hartford Financial Services Group.
Solomon says T. Rowe did not have much exposure to AIG when the federal government took control of the troubled insurer in September. He had recommended scaling back on the stock in May, based on the deteriorating value of the subprime assets on its balance sheet and the liabilities it had created by underwriting credit default swaps. Solomon says he was concerned that “the losses that I, and many others, had viewed as accounting losses would become real losses.”
Solomon provides active recommendations on about 35 p/c insurers and keeps an eye on 40 more. “One of the things I like is that it’s a broad universe,” he says. Regarding companies for which he doesn’t make recommendations, he notes, “I keep track of them on a quarterly basis, and every once in a while, it makes sense to take a closer look at one.”
他在Aon Corp. Solomon的一个机会发现了Solomon于2005年8月发起了芝加哥的保险经纪人的覆盖率，价格为28.46美元，呼吁股票“长期表现不佳”，提供了一个巨大的转变故事。“我遇到了新的首席执行官，格雷戈里案，我觉得他对自己所需要的做好事项来说真正地了解，以解决这一事业并将其转回成长引擎，”所罗门说。该股票通过2008年11月推出的推荐59.2％;在同一时期，该部门损失了54.5％。Aon仍然是他的顶级选择之一。
A “huge sports fan,” particularly when it comes to the Los Angeles Lakers, Solomon likes to keep sports radio on in the background while he’s working. “The current market environment is a little more intense, but T. Rowe is a long-term-oriented shop,” he says. “I really do try to take a long-term view, with a multiyear perspective on my investments.”
约翰·曼斯菲尔德
SAC Capital Advisors
活力
Energy stocks have been among the most volatile performers of the past year. Throughout the first half of 2008, rising oil prices fueled demand and investors flocked to one of the few remaining profitable segments of the declining economy. Then, in midsummer, stock prices began to sink as demand for oil and gas decreased. The sector, which had gained 9.7 percent through June, was down 34.1 percent year-to-date through the end of November.
Through it all, no buy-side analyst impressed his sell-side colleagues more than John Mansfield of SAC Capital Advisors, who makes his first appearance on the Best of the Buy Side.
曼斯菲尔德是纽约州立纽约州的纽约，康涅狄格州哈特福德三一学院的公共政策和经济学学士学位，然后在休斯顿电力分配器依赖依赖副资源开展资源办公室工作。“那就是我开始了解能源业务的地方，”曼斯菲尔德说，29。
In 2002, Mansfield moved to an oil-and-gas hedge fund, Houston-based JVL Partners, where he worked with John Lovoi, a former oil field services and equipment analyst at Morgan Stanley (ranked third in the sector on the All-America Research Team in 1997 and second from 1998 to 2000) who had become head of the firm’s oil-and-gas investment banking business in 2000.
“I really learned a lot about the energy sector at JVL, just working in Houston, working with Lovoi and getting a chance to meet so many people from different companies,” Mansfield says.
他花了两年时间与JVL，然后搬到了DKR Capital，并担任康涅狄格州的康涅狄格州的对冲基金的能源分析师，在2005年加入SAC之前一年。他主要涵盖石油和天然气，但“我们也做一些工作在替代能源中，“他指出。
After the steep rise and subsequent decline in the price of oil, “we’ll add back some of the demand that was lost when oil was at its all-time highs,” Mansfield says. However, he points out that lower prices could lead to less investment in new projects and “supply shortages in the future.” It’s already becoming apparent that deepwater reservoir engineering — a technique developed over the past decade or so that is being used to try to extract offshore oil in places such as West Africa and Brazil — “will need to earn a rate of return much higher than originally thought,” he adds.
Mansfield declines to identify the companies he covers, saying that information is reserved for clients only. Sell-side analysts, however, are quick to credit him with winning calls. “He’s got a good combination of short-term understanding with a long-term focus,” says one researcher, adding that Mansfield was one of the first analysts to recognize the potential of Continental Resources, an oil-and-gas exploration and production company headquartered in Enid, Oklahoma. “It was way up — one of the biggest stocks of the year,” this sell-sider notes.
Continental began the year at $26.13 and skyrocketed a phenomenal 212.3 percent, to $81.60, through mid-July before tumbling with the rest of the sector. At the end of November, the stock was still outperforming the sector by 8.9 percentage points.
Mansfield is “on top of things,” the sell-side analyst says. “He doesn’t confuse the forest with the trees.”