去年全球经济的回收率和重新开放，随着劳动力返回办公室，然后在新的Covid-19变体和锁定中再次离开。
但是，如果2020年是不确定性的一年 - 从大流行到随后的市场波动和上升的工作环境 - 可以认为2021年也是如此，一个例外。
“对于卖方的研究，也许对于剩下的人类来说，它是一年的恢复力，”瑞银的全球研究负责人丹Dowd说。“肯定希望2020年底，2021年将是非常正常的，这显然不是。”
With the majority of client interactions continuing to happen virtually thanks to Zoom or the phone, and many analysts now back to working from home due to the Omicron variant, the sell-side industry is both firmly planted in this “new normal” and looking to the future. “In 2021, the research process started to take the pandemic as much more a part of what’s going on as opposed to the only thing that’s going on,” he said.
虽然在全球经济复苏和重新开放的经济复苏和重新开放方面取得了很大进展，但随着复苏的不均匀，不完整，往往被新的病毒爆发和恐慌，且经常中断，而且仍然被新的病毒爆发和恐慌，“马洛克·哥伦比克（Marko Kolanovic）及JPMORGAN CHASE＆CO.的全球研究共同主管
“各种投资策略的表现往往被新的Covid波抛出，这导致了市场波动，产量曲线的动作，以及风格的旋转，”他补充说。“尽管在许多方面存在不明的水域，但这种环境利用我们的分析专业知识和工具包来利用答案的机会。”
It’s often said that smooth seas never make a skilled sailor, and the uncharted waters of 2021 provided many opportunities for global research providers to shine. The only question: which firms proved the most invaluable to the buy-side?
在列表顶部：JPMORGAN。去年回收皇冠后，纽约的公司重复了第1号亚博赞助欧冠2021年的排名Global Research Leaders，其中研究提供商根据其排名的股权和固定收入分析师总数堆叠二globally.
在过去的一年里，投资者被要求投票给他们最喜欢的研究提供者在干部二surveys across equities and fixed income as well as developed and emerging markets. The subsequent results were published across eight major rankings: the All-America Research Team; the All-Asia Research Team; the All-China Research Team; the All-Europe Research Team; the All-Japan Research Team; the Emerging Europe, Middle East & Africa Research Team; the Latin America Research Team; and the Global Fixed-Income Research Team.
在这些调查中，JPMORGAN再次增加了总位的数量，从2020年代的256年改善了今年的269。
当被要求总结过去一年时，摩根大通全球研究总监Hussein Malik表示，它一直是出售方面的“奖励”。“我们在困难，动荡时期，我们有机会向客户提供最大价值，”他补充道。
BofA Securities once again placed second and also improved its number of positions to 249. The runner-up also once again captured the most first-place team finishes with 81 —17 more than JPMorgan’s total.
BofA’s head of global research Candace Browning credits her firm’s success to a collaborative approach across a growing number of sub-sectors and industries. “What makes a top global research team, obviously, is the talent of the individual analysts. That is key,” she said. “But what makes a great research department is when they can all not only come up with their own original, anticipatory ideas, but also work together to present a really cohesive, impactful message to the investor client.”
Take, for example, an ecosystem like electric vehicles, which represents many different sub-sectors and industries and analysts involved. “You need people working together and challenging each other to be better,” Browning said. “It requires you to be not only more collaborative, but more organized and thoughtful.”
As more companies continue to use technology as a core part of their business model — in such areas as software and biotech — Browning believes the US. in particular is going to continue to see the growth of sub-sectors. “That presents some challenges in terms of managing large teams,” she said, “and it presents synergies as well.”
According to Browning, BofA is continuing to focus on large thematic ideas including digital assets and cryptocurrencies, as well as building out its team around ESG, which it started doing in 2015. “We were one of the first on the street to really get involved in ESG research and the opportunity just continues to expand,” she said.
When it comes to crypto, meanwhile, the firm isn’t focused on forecasting the price of Bitcoin. “That’s not what we are doing,” Browning said. “We’re writing about the opportunity set that’s being created around this new technology of the blockchain. That’s really what the strategist’s job is.”
“As someone once explained it to me: Think about the Alaska gold rush. We’re not trying to find the gold, we’re just trying to sell pickaxes,” she added.
在全球研究领导人排名中，摩根士丹利之后，从去年的第五位完成了四大全球研究公司的摩根斯坦利。瑞银再次又一次，花旗落在第三位。
至于摩根士丹利的方法：“我认为原则上非常简单，并且在执行方面的复杂性，”全球公司研究总监Simon Bound说。“最重要的因素是拥有长期的分析师，即买方想要与之交谈。”超过一半的摩根斯坦利的管理董事已经在公司度过了整个职业生涯。
“Secondly, we bring a global perspective to the investment debate,” he added. “There are fewer banks who can do this now.”
比如Covid-19, long-reachingimplications from region to region and sector to sector, from increasing trade tensions with China to supply chain frictions and related debate around inflation. “Unless you have a global platform with a credible offering in each region and asset class, you can’t tackle those complex issues,” Bound said, adding that a firm culture of collaboration is also paramount.
All the top firms reported that even from the heights of 2020, client interaction and engagement were up again this year — though not as drastically — along with a record level of initial public offering activity and the growth of hedge fund platforms.
This has further solidified sell-side research in the financial ecosystem a few years after MiFID II —regulation that unbundled sales from trading — was set to disrupt or minimize it. “There was a cynical view around MiFID II that the buy side didn’t need the sell side,” Bound said. “We believe we are very important to our clients’ investment processes.”
而流行看到零售inve的崛起stor and some speculative bubbles, JPMorgan’s Kolanovic expects to see a greater focus on fundamentals as markets normalize. “Investors will continue to place value on high-quality content and advice from the sell side,” he said. “But the sell side will have to evolve with clients’ needs.” This includes greater connectivity between top-down and bottom-up research; evolving relationships across markets, sectors, and geographies; and the continued rise of data as a key form of content.
“Overall, investors have to contend with an increasing range of issues that impact markets — geopolitical tensions, macro variables such as inflation and rates, as well as tail risk events,” Kolanovic added. “Researchers need to continually evolve their skill set to understand and fold in new developments into their worldview and analysis.”
在瑞银，数据仍然是公司正在建立其外围的脚手架，这是其证据实验室的另一年重大投资和创新的一年。“诺德说，”毫无疑问，有机会和销售方面的研究将被驱逐出现发展，“罗德说。“我们的证据实验室使我们能够拥有我们的分析师使用的绝对巨大数据，以解决股票的问题。”
Dowd表示，UBS在2021年的研究分析师4,200多个数据来源交付，超过50,000名外部客户访问其门户，他认为将指示未来的客户消费和互动的领导者。“当我们开始允许向客户提供越来越多的数据，那个将成为增长领域的数据是向客户建立利用数据来回答他们关心的问题，”他说。“我们实际上非常兴奋，这将在哪里，无论科科德会发生什么，这是在发生的地方。”
Morgan Stanley’s Bound believes the industry needs to look carefully at what efficient digital distribution looks like in the future as analysts travel less and client consumption evolves. The firm’s own podcast, “Thoughts on the Market,” has ballooned from 50,000 downloads a month two years ago to more than 900,000 a month today.
“它表明，客户将以不同的方式消耗研究，”他说。“这对我们有好处，对他们有好处。未来是明亮的。“