Thoughts on the merger - is this just further (tangible) confirmation that equity research is dying? I don’t think there are any independent research firms out there anymore
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If SocGen butchers the quality of Bernstein research, it will be very disappointing.
Euros butcher everything they touch so very likely…
so in recent years, BNP bought out Exane, Rothschild bought out Redburn and now SocGen & Bernstein...
it's definitely confirmation a) ER as a standalone business isn't viable anymore and b) significant synergies with ECM/rest of IB to be worthy of acquired
I’m curious but why isn’t stand-alone ER no longer viable? Aren’t there successful ER shops like Wolfe and Berenberg?
Wolfe only hire ranked senior analysts from other shops and those who the clients are willing for pay their research.
MIFID 2 has cut pricing for ER services... must be significantly declining year on year
Berenberg has a banking business to support revenues
Wolfe is US-focused, where there is no MIFID
Wouldn’t it make sense for Bernstein to then just spin off their business in Europe? Their research product in the US is very high quality and could standalone.
Why SocGen of all banks though?
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