SS research bundles for poorer firms
Hi there - I work for a small long only shop and I was piggy backing off some older accounts and we lost some access to sell side research recently.
Our broker commissions are pretty low (surprise!), and we need deploy some money to get access to research again. We have 1-3 primary brokers, but would obviously like to have access to more brokers than that. Do you know of any resources we can spend on that are kind of like bundled deals for sell-side access? Like all in one price and you get all of the reports.
I believe Thomson used to have one and that was what we used to use, but not completely sure. Also does alphasense provide this? Or these days do you need separate entitlement deals for each broker and its like 30k to each broker minimum?
Thanks!
A lot of the banks unbundle research from trading fees since MiFID II went through, so you pay for research as a separate seervice. I don't remember the exact cost, but I don't think it's particularly high for most of the BB sell-side research. Maybe on the order of $10k per year per bank so $50-60k if you want the big names and about $100-120k if you really want everybody.
Nah last time I spoke to most place they were charging at least like ~30k?
10k seems way too low for access to research portal.
Feel like my budget to replace this lost research is prob around ~30k max (god I hate my firm). I care, not for idea generation, but because when the evercore guy writes a report to downgrade a name we own, I want to see what he said. Anyways, I think thomson has one actually, its just on a delay so we'll see.
Is that for an individual license or a firm license? I know for a fact at least two of research portals we subscribe to from BB banks are $10k per year (or less). Not sure about every single one though.
Piping in here as someone who’s spent his fair share at cheap ass firms like this. You are trying too hard to save the company some money. IMO it’s too much initiative. There’s no solution for your budget. So, what would do is, prioritize the brokers you think are most important. Pay for those within budget. For the rest, the next time someone at Deutsche or whatever the fuck downgrades a name and you get emails flying asking what did they say or write, simply say you don’t know or have access cuz your research budget isn’t large enough. You’ve tried all you could but got shot down for budget reasons.
Once that happens a few times they’ll likely get the message and give you more leeway. IME you gain nothing by being a company man in this situation by trying to find the most annoying way to get your job done. These guys never learn in any ways except the hard way
I confirmed that alphasense has a product, but it is only accessible by IB and PE clients (pretty competitively priced to, I believe).
Didn't thomson used to have one?
I think a lot of IB’s have actually invested in alpha sense
Tegus/AlphaSense should have what you are looking for. From what I recall you can set up your existing relationships through the platform but also get their aftermarket research which is research available after some negotiated time embargo following its published date. CapIQ also has research but I’m unsure if its unlimited access etc.
Alphasense told me that it is only available for corporate / PE / IB / etc clients.
Looks like both Thomson and CapIQ have aftermarket products (embargoed reports but wide swath of providers)
Time delay sucks, but we have like 6 of the big guys already, just need to get access to everything else with effectively little budget left between soft dollars and other payments.
Speaking to both of them so hopefully pricing is in a sweet spot.
Thanks everyone!
Update folks - looks like Thomson is the same and this is not eligible for people outside the IB/Corp/PE world...
Interesting
To the other poster below me - yes it would be sweet to not be broke
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