Who pulls the strings

Sell-side research and impartiality are two concepts that are seen by some financial observers as irreconcilable – at least within the current banking set-up. Simon Surtees discovers what lessons can be learnt by credit research teams from their equity counterparts’ recent tribulations

The next time a piece of sell-side credit research hits your desk, rather than starting on page one, turn instead to the back and consider the following wording that can now be found ahead of the usual disclaimer language.

There in prominent type are words to the effect that “all the views expressed in the research report accurately reflect the personal views of the authors and that no part of their compensation was, is or will be directly or indirectly related to the specific