gaurav, Question about the Saudi and GCC market ? Are there werstern asset managment companies out there. I have heard of Capital group , T rowe price opening up offices in India. Anything of that sort in the Middle East market ?
gauravku Wrote: ------------------------------------------------------- > Glad that you remembered. Yeah, am In Riyadh for > the last four months, appeared for Level 3 from > here itself. Have covered two companies in Saudi, > prepared small reports on four banks of qatar and > quarterly statistical reports on the Saudi and GCC > markets. Also, am involved in preparation of small > daily report on global equity, commodities and > currency markets (prepared a model which sources > data from Bloomberg and performs the > calculations). In addtion to this have prepared > technical analysis based stock selection models > for the GCC markets, though am not planning to > make these technical models public. I would be > glad to share my reports with you guys. > > But as you can reference from the earlier posts, > the level of satisfaction is less in sell side and > that too in this part of the world, where markets > are highly sentiment based and technical analysis > rules over fundamental analysis. So am looking for > opportunities in corp finance or asset > management. > > Drop me a mail at gaurav.aquarian@gmail.com and I > shall send you the reports prepared by me till now > or check the reports at > http://www.falcom.com.sa/index_en.htm http://www.falcom.com.sa/report/stc_report_20062009.pdf Looks to be written from someone with CFA skills 
There is Porter’s 5, DDM, and the FCFE equation as given in the CBOK
taz722 Wrote: ------------------------------------------------------- > gaurav, > > Question about the Saudi and GCC market ? Are > there werstern asset managment companies out > there. I have heard of Capital group , T rowe > price opening up offices in India. Anything of > that sort in the Middle East market ? There are western asset management companies here, but the governments (or monarchies) and regulatory authorities here are very conservative and these firms can operate only in partnership with local players (Saudi British Bank (SABB)/HSBC; Saudi Hollandi (ABN); SAMBA (earlier citi, now self dependent) etc.). Last year in Saudi license was given to MS, this year Nomura has got a lincese for Saudi, Qatar and in UAE through Lehman acquisition. I believe UAE has open regulations in this regard (only at DIFC, Dubai International Financial Center, so most of the western firms are located there) as most of the BB I banks are there. As far as the major asset management firms are concerned I know of fidelity, barclays and some of the other firms having offices in UAE and invest in Saudi market as well. However the Saudi and GCC market is dominated by a number of local players. Also, there is another issue with the Islamic Finance regulations (Shariah principles) and since most of the outside asset management companies don’t have such kind of capital structure (with no debts). Now Qatar has also Qatar Financial Center and I believe Nomura and all have got licenses at QFC. This is another reason why competition is very less. Also, equities, some islamic products (sukuk) and govt. bonds are the only securities traded. However, the families here have a lot of investments in the west. Hope this helps. If you have any special firm in mind, then I can provide you further information about them. Please let me know in case you want further information about any other aspect or firm.
> http://www.falcom.com.sa/report/stc_report_2006200 > 9.pdf > > Looks to be written from someone with CFA skills > There is Porter’s 5, DDM, and the FCFE equation > as given in the CBOK Hope it was a complement, Ali.
gauravku Wrote: ------------------------------------------------------- > > > http://www.falcom.com.sa/report/stc_report_2006200 > > > 9.pdf > > > > Looks to be written from someone with CFA > skills > > There is Porter’s 5, DDM, and the FCFE > equation > > as given in the CBOK > > Hope it was a complement, Ali. Yes.
Some buy-side shops won’t even touch someone who worked in sell-side ER for the reasons the OP mentioned.
But , the OP did get into buyside after working on the sell-side.
taz, read carefully. I’m saying that “some” buy-side shops won’t even consider someone from the sell-side because they understand the BS that goes on on the sell-side (which the OP detailed very well).
Agreed.
cfa2grunt Wrote: ------------------------------------------------------- > taz, read carefully. I’m saying that “some” > buy-side shops won’t even consider someone from > the sell-side because they understand the BS that > goes on on the sell-side (which the OP detailed > very well). I don’t understand the logic of that. Surely it is advantageous to a buyside firm to have an analyst who is aware of the inherent biases in SS research as opposed to someone who has never worked SS. Are you suggesting that any SS analysts looking to switch over to the BS are so tainted by the poor ethical standards of SS research departments that they would be incapable of ever offering unbiased opinions?
Carson, I’m not suggesting anything. I’m simply reporting what I have heard from various buy-side employers. I am sure that there are plenty of SS ER analysts who might be great on the buy-side and be able to understand the conflicts of interest inherent in their prior roles. However, there are often very optimistic views of the world put out by sell-side shops, and some less discerning analysts might not be able to look past that.
I work on the Buy Side, and I can tell you that at least half of the PMs/Analysts had experience working on the Sell Side.
The main purpose of my posting was to let people know what the job really is b/c so many people glorify it and this leads to other people aspiring to it. I would treat an equity research associate position as nothing more than a gateway job to something else, buyside, corporate finance, etc…unless you enjoy being a salesman (aka analyst), either on the road or on the phone trying to generate churn in your stocks or hoping and praying your space gets banked.
curious how many senior sellside analysts came from the buyside, probably some but I’m assuming its a significantly lower number than those migrating from sellside to buyside. In this economy, any job in the front office whether on buy or sellside is something not to take for granted, will be interesting to see how the next few years play out as you’ve got an absolute ton of kids coming out of biz undergrad and b-school (the demographics curve is unkind to Gen Y) and at what point will these kids waive the white flag and just try to get any full time job they can instead of holding out for Finance? Or more likely, those who have their eyes set on front office deciding to take a BOM job just to get their foot in the door.
4Tay Wrote: ------------------------------------------------------- > I work on the Buy Side, and I can tell you that at > least half of the PMs/Analysts had experience > working on the Sell Side. Same and same here, including yours truly. I would say that the number is actually much more than half; judging by the hedge fund personnel database I’m compiling it’s closer to 75%+ with sell-side experience.
xabat77 Wrote: ------------------------------------------------------- > will be interesting to see how > the next few years play out as you’ve got an > absolute ton of kids coming out of biz undergrad > and b-school (the demographics curve is unkind to > Gen Y) and at what point will these kids waive the > white flag and just try to get any full time job > they can instead of holding out for Finance? I thought it was the opposite. A ton of baby boomers retiring in the next 5 years combined with a low birth rate during the last 2 decades. Unless foreigners make up that difference or the industry contracts significantly, I don’t see the glass half empty like you do.
A ton of baby boomers WERE going to be leaving the work force, but their retirements just got SMOKED so quite a few of them will be staying around for a lot longer than they thought. There is a reason why you don’t see many sell side analysts over 40. The industry has always been boom and bust and when it busts, a lot of them are fired and then when they decide to cover the space again, usually a younger person is put in place if a bigger name isn’t available. Some firms are hiring analysts in anticipation of banking business only, ER is a cost center and not a profit center, you have to remember that. How much of a learning curve is there from the sell side to the buy side? I figure you don’t have to build the models b/c the sell side guys send them to you, but what other different types of analysis and deliverables are there?