New rules on market research are changing how fund managers hire

New York

AS NEW rules spur Wall Street banks to further shrink their research budgets, US asset management firms are shoring up in-house research, and reinventing the stockpicking business in the process.

Fund managers are eschewing the traditional model of teams built to cover a broad range of industries, instead picking areas of expertise and hiring analysts with very specialised knowledge and often non-Wall Street backgrounds.