AfE 2024
Large banks each spend billions of dollars a year on technology innovation. For their global markets businesses, much of that spending goes on tools for disseminating prices and automated dealing with buy-side clients.
Yet most work that portfolio managers do before handing a trade to their dealing desks, is devoted to forming a view of the world and of markets that leads them to a transaction.
“Far more important than getting the best price is doing the right trade,” says Chris Churchman, head of Goldman Sachs Marquee.
Marquee began as the firm’s digital platform for research. Its earliest versions allowed buy-side clients to select research reports from Goldman’s analysts and view cross-asset strategy pieces and other insights.
That is still how most sell-side research platforms look, with PDFs that investors can dip into, links beside them to associated research and now also to endless podcasts and videos where strategists and analyst interview each other.
Goldman