Sell-side research resurgence?

The 2003 Wall Street research settlement changed the game for sell-side research outfits. With their links to the revenue-generating banking units severed, the idea that they were devalued was widespread. Some top banks flirted with the idea of jettisoning sell-side research all together, but the independents have had a tough time coming up with a viable business model. Regardless, Goldman Sachs Hudson Street initiative and similar platforms garnered a lot of attention. Now comes news from Greenwich Associates that the share of independent and specialists research shops seems to have topped out. Bulge bracket research may be winning back some of the market share lost since 2003. Citi captured the biggest institutional research/advisory share at 8.5 percent in 2007. Close behind: Merrill Lynch, Lehman Brothers, JPMorgan, and Bear Stearns.  

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- here's the release

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