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This trend was likely to continue as the reforms bedded down, said ICMA’s Asset Management and Investors Council (AMIC), which carried out the survey for the second consecutive year.
More than two thirds (68%) of respondents said they used less research in general compared to last year. Banks and brokers took the biggest hit, with 71% of those surveyed saying they used less research from these providers. In addition, 82% said they used fewer research providers.
However, the survey suggested that investor fears about a decline in the quality of FICC research were so far largely unfounded.
The vast majority of respondents to the 2018 survey said they had not noticed any change in the quality of the research they received, compared with 32% who last year indicated they anticipated research to get worse.
All of the respondents found no change in the quality of research from independent providers. Views on the quality of FICC research from banks and brokers were more mixed, although a clear majority (86%) said the quality had stayed the same; 11% said it got worse while 4% noticed an improvement.
Presenting the survey results in London last week, Patrik Karlsson, director of market practice and regulatory policy at AMIC, said the views about the quality of research were a positive surprise.