NIRI Conference – Changing role of the sell-side

I’ve just come out of a session about the changing role of the sell-side and must say how surprised I was to hear so much bashing of the sell-side.  Clearly their business model is under a lot of pressure given the current environment but the sentiment in this very well attended session (standing room only) seemed to be against using the sell-side to facilitate corporate access because they no longer do a good job, don’t deliver the right investors and can’t get good feedback from PMs.  One of the speakers from the buy-side said they never tell the sell-side what they think about meetings.  One IRO stood up at the end of the session and said he was completely confused by the whole situation.  Strangely enough, the session next door on corporate social responsibility was not as well attended as it probably should have been.  What does this tell you about the issues most on everyone’s minds?

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