Equity Research Analyst, Pennock Idea Hub

Dorian Cziriak

Equity Research Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Thematic (Sector/Industry)

Panel 1 – What has happened in Europe and what will happen in North America?
Panel 2 - How can you Protect Performance while Ensuring Transparency?
Panel 3 –How will Research Change and What Are the Consequences?
Panel 4: Thoughts on Valuation, Budgeting and Best Practice
Panel 5: Thoughts on Platforms – Delivery, Payments, Tracking &amp; Permissions

Panel 1 – What has happened in Europe and what will happen in North America?
Panel 2 - How can you Protect Performance while Ensuring Transparency?
Panel 3 –How will Research Change and What Are the Consequences?
Panel 4: Thoughts on Valuation, Budgeting and Best Practice
Panel 5: Thoughts on Platforms – Delivery, Payments, Tracking &amp; Permissions

The Grand European Experiment, MiFID II - Live Panel Discussions

The investment research industry has undergone a revolution in Europe. Many changes have translated to better market efficiency, but asset managers also point to negative consequences for the end investor and the industry.How can the US market benefit from the positive trends while avoiding the pitfalls? Will a global standard of best practice emerge?According to Integrity Research Associates, 38% of asset managers not subject to MiFID II plan to use CSAs as the primary research payment vehicle, while 19% will pay for research out of their P&amp;L’s or a research charge alongside executions. The recent no-action relief letter from the SEC allows US brokers to take cash payments for research from Europe until mid-2020. The MiFID II Research and Inducement RulesMiFID II bans receipt of any valuable third-party benefits in relation to portfolio management.Exception for research provided when it is paid for either from:<ol>
<li>A firm’s own resources P&amp;L; or</li>
<li>A research payment account (RPA) funded by an explicit charge to clients based on a budget</li>
</ol>Firms using RPA must justify how research benefits its clients, established policy and disclose ex-post costs and inputs received. Brokers are required to price and supply research separately from execution services. What Have We Seen So Far<ul>
<li>Many asset managers are moving to the P&amp;L model.</li>
<li>Sell-side is negotiating on research pricing and research costs.</li>
<li>New platforms to distribute research are emerging and the buy-side has implemented vendor solutions to track / value inputs.</li>
</ul><ul>
<li>Cost reductions on both research spending and execution commissions.</li>
<li>Research pricing reductions particularly by the sell side.</li>
<li>Introduction to tiered research with analyst calls and meetings.</li>
<li>Competitive market emerging and adapting to demand.</li>
<li>Buy-side developing budgeting and valuation approaches.</li>
<li>Objectivity and subjectivity provided by independent researchers.</li>
</ul>

The investment research industry has undergone a revolution in Europe. Many changes have translated to better market efficiency, but asset managers also point to negative consequences for the end investor and the industry.How can the US market benefit from the positive trends while avoiding the pitfalls? Will a global standard of best practice emerge?According to Integrity Research Associates, 38% of asset managers not subject to MiFID II plan to use CSAs as the primary research payment vehicle, while 19% will pay for research out of their P&amp;L’s or a research charge alongside executions. The recent no-action relief letter from the SEC allows US brokers to take cash payments for research from Europe until mid-2020. The MiFID II Research and Inducement RulesMiFID II bans receipt of any valuable third-party benefits in relation to portfolio management.Exception for research provided when it is paid for either from:
A firm’s own resources P&amp;L; or
A research payment account (RPA) funded by an explicit charge to clients based on a budget
Firms using RPA must justify how research benefits its clients, established policy and disclose ex-post costs and inputs received. Brokers are required to price and supply research separately from execution services. What Have We Seen So Far
Many asset managers are moving to the P&amp;L model.
Sell-side is negotiating on research pricing and research costs.
New platforms to distribute research are emerging and the buy-side has implemented vendor solutions to track / value inputs.

Cost reductions on both research spending and execution commissions.
Research pricing reductions particularly by the sell side.
Introduction to tiered research with analyst calls and meetings.
Competitive market emerging and adapting to demand.
Buy-side developing budgeting and valuation approaches.
Objectivity and subjectivity provided by independent researchers.


The Grand European Experiment, MiFiD II - Overview

Research Analyst at Pennock Idea Hub.

Smart Karma Team Lead

Dorian Cziriak
Equity Research Analyst
• Pennock Idea Hub

The Grand European Experiment, MiFID II - Live Panel Discussions

Panel 1 – What has happened in Europe and what will happen in North America? Panel 2 - How can you Protect Performance while Ensuring...

Dorian Cziriak

The Grand European Experiment, MiFiD II - Overview

The investment research industry has undergone a revolution in Europe. Many changes have translated to better market efficiency, but asset managers...

Dorian Cziriak