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My general feel is that your 2-3 comment is about right.
You can get access to research even if you don't have a prime brokerage account with that bank. I've gotten reports just from emailing analysts lol.
Yea, I mean they are on the sell-side, throwing out a couple reports to new (or even established) hedge fund managers could potentially land them an account in the future.
then some banks will be totally tight lipped if you are not open and actively paying them.
Sure, but it really comes down to a combination of cold-call/cold-email numbers, analysts' moods, and blind luck.
Depends on asset class. Liquid/undifferentiated products, it might make sense to stick with a few banks, probably largely the ones who serve as your prime brokers. In the credit asset classes the fund I work for invests in (structured products, illiquid corporate and distressed debt), we trade with pretty much every major bank and many mid-market banks. In CLOs for example each bank has its inventory and puts out its own BWICs, and a lot of corporate debt trades most often through the agent bank/underwriter.
Really? See I would have figured even in the illiquid products it still would have been just a few banks then of course using the inter dealers.
Yup, pretty much every bank under the sun. From your BBs to your random national banks (for us at least, also in debt).
Ok so what about for equities trading? 2-3 seems in line?
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