C21-110719研究员定位与专业能力发展.pptVIP

研究员定位与专业能力发展 第一部分 有效研究团队 —西方投行研究所工作模式与研究团队管理 What does a top rated research house look like?一个高排名的 研究所 是什么样的?Hand-out 1 (CICC article from Asia Money) OLD MODEL 旧模式 Old model of analyst appraisal has been through evaluation of analysts’ idea generation, productivity, accuracy of calls, and forecasts, client recognition through votes on major accounts (which translate to commission), and ranking achieved on public voting polls. The main input for analyst appraisal has tended to come from the Head of Research (country and/or sector head) with subordinate input from Head of Product and/or Head of Sales. 评估分析师的旧模式是通过对分析师的想法产生，工作效率，推荐建议和预测的准确性，主要客户的投票数（转换成佣金）得出的客户认可度，和公开排名的名次来评估。主要的分析师评估意见是来自于研究主管（国家和/或地区主管），其次来自于产品和/或销售部主管的意见。 The problems of this approach are that it has encouraged the analyst to focus primarily on his own client franchise while discouraging him from being a team player or cooperating with other internal clients or departments. The traditionally held view is that this self-interested focused approach is the best way to raise the revenue yield of research and to increase brokerage commission and profitability. 这个方法的问题是首先它鼓励分析师主要关注于自己的客户而 不是作为一名团队成员或与内部客户或其他部门合作。传统观 点认为这种利己主义的评估方法是提升研究所收益和增加经纪 业务佣金及利润率的最好方法。 NEW MODEL 新模式 The new model is for a more rounded appraisal of the analyst including from colleagues, sales force, other departments of the bank that have interaction with research, structured products, ECM, corporate finance, private equity, private bank etc any division where the relationship with equity research is meaningful. In this type of assessment the weighting of the input from the internal client including Sales tends to be greater, as does the input from team colleagues in research and production. There may also be some feedback on the analyst directl