Denny Ellison Becomes an Approved Apprenticeship Training Provider

We are proud to announce that Denny Ellison Analyst Training Program has been approved by the Education & Skills Funding Agency (ESFA) for inclusion in the Register of Apprenticeship Training Providers (RoATP) in January 2018. Our apprenticeship is dedicated to equity and credit research analysts in Investment Banking and Investment Management and will be delivered…
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What Exactly Is Substantive Research?

Denny Ellison, in collaboration with Neil Scarth of Frost Consulting, has published a report following the review of the regulators’ definitions of ‘Substantive Research’. With the implementation of MiFID II scheduled for January 2018, the equity research industry is on the doorstep of a major transformation. Whilst the regulation primarily addresses the way in which…
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Is “Juniorisation” Leading to Changes in Equity Research Departments?

There have been several articles in the press over the last few months talking about “juniorisation” in investment banking. Some mention this phenomenon as an industry trend, including “Wall Street is gripped by something called juniorization” (Business Insider UK, Mar 2016). Others point out a specific firm strategy, such as at Goldman Sachs: “Lloyd Blankfein explains…
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Equity Research Analyst Survey – Five Key Constraints to Productivity

Key findings show the importance of additional support from line managers, best practice examples, and time management for maximising both the quality of research and its effective delivery to clients. Why can it take only three years for some equity research analysts to become truly productive and build their own franchise, while others need as…
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Final MiFID II Rules Released

As had been anticipated, they do not ban asset managers from using commissions to pay for research. Rather, buy side firms can pay for research using a research payment account (RPA) which can be funded by commission sharing agreements (CSAs). However, there can be no link between trading volumes and research payments – asset managers’…
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Still Waiting for MIFID II

Of particular interest is whether they will ban asset managers from using dealing commissions to pay for research or allow them to still use commissions via an ‘enhanced CSA’ mechanism. In either case investment firms could charge their clients for research under a research payment account (RPA) mechanism, using either hard dollar in the former…
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