Module Five
Optimising External Relations
Summary
In this module, we cover the relationship between sell-side and buy-side counterparts, together with the interaction with company management.
One of the key objectives for sell-side analysts is client votes. Our course offers useful guidelines and some tricks of the trade on client interactions.
For buy-side analysts, a key external interaction is with the company management, which we address in detail in this course.
Target Audience
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Early-career buy-side or sell-side equity research analysts with 0-3 years of experience.
Certificate
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Each participant receives the Denny Ellison certificate.
Course Format
Duration
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Minimum of 4 hours
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8 hours if delivered in greater depth
Delivery
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Video conferencing (Zoom, Webex)
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In person at our clients' offices
Region
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We are based in London, UK
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The module can be delivered globally
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We have delivered this course to professionals in the USA, France, Hong Kong and India
Class Size
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Typical class size is 10 participants (min of 3)
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For individual mentoring, please contact us directly
Training Mandate
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The program is typically offered to in-house research analysts as part of:
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Learning & Development schemes
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Graduate Training Programs, or
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Research Management initiatives.
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Customisation
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We tailor each session to be relevant, practical, and aligned with your investment research approach and learning & development goals.
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For each delivery, we will determine together the optimal format, including:
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The duration
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The depth of each subject
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The level of interaction with participants
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The delivery style (coaching or teaching)
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The amount of assessment and feedback to management
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Expected Results
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Participants can expect to gain a deeper understanding of:
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How to prepare for client interaction on the sell side
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The key soft skills necessary to master client interactions
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How to assess and question company management
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How to make the most of the interaction with the sell side as a buy-side analyst
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Syllabus
Section 1
Client Interaction
How to master client interactions on the sell side
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60% of a successful client interaction is in the preparation
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Know your clients
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Prepare your pitch ahead of your interaction
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40% is about soft skills on the day
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Have high conviction but remain balanced
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Lead the discussion or be led by the client?
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Section 3
Company Management
How to assess and question company management
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Assessing company management
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Background
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Track record
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Motivation
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Honesty
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‘Seven deadly habits’ of management
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Questioning management
Section 2
Sell side interaction
As a buy-side analyst, how to make the most of your interaction with the sell-side
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Meetings and calls with sell-side analysts
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Selecting the most valuable sales and specialist sales
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Extracting value from every interaction
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Building a long term relationship of trust
Section 4
Fund Investors
How to interact with the fund’s investors
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Presenting fund performance
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Presenting investment strategy
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Dealing with questions and pushbacks
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Building a long-term relationship based on trust
Specialist Instructors
Dr. Zafar Khan. Zafar has nearly 40 years of experience in equity research, including over 20 years at sell-side broker Societe Generale, where he was the Head of European Capital Goods and Head of Research. After becoming MD he developed the global Aerospace & Defence franchise. He has a PhD in computational Fluid Dynamics and an MBA from Bayes Business School.
"As a top-ranked analyst, I established myself as the go-to person on a specific sector. It's all about building one's own franchise."
Guy Norman. Guy has nearly 10 years of experience in buy-side equity research covering a broad range of industries including Tech, Resources and Financials, He worked at Standard Life and Border to Coast Pensions. He started his career at Accenture in London covering UK Telecoms. He holds a Bachelor of Arts in Philosophy from the University of Cambridge.
"Our view of management would be a determining factor in whether we would take a position in a stock or not. So preparing for a meeting with management is crucial."
