Code Red issued a press release saying it has added over 2,000 new users to its research management system over the last twelve months. New clients cited in the release include Sprott Asset Management, Harris Associates, The Boston Company Asset Management, LLC, as well as Cambridge Associates for a site license of up to 1,100 users.
Unnamed new clients include a large Boston based asset manager and a large UK based asset manager, ‘numerous’ hedge funds, endowments, foundations, and pension firms includingone of the largest global non-profits.
From our conversations with asset managers, we had sensed an increasing openness to research management systems as asset managers try to exert more discipline on their procurement and management of research in a declining commission environment. Research is no longer a ‘free good’ (not that it ever was, but in the past managers considered it so because commissions were plentiful). Managers are now working harder to make sure they are getting full value from the research they receive.