Merrill 取引，協定 doesn't settle the 衝突

By ANTHONY HILTON FOR MAILONLINE
Updated: 00:00 BST, 22 May 2002

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I HOPE I am not alone in thinking that the 取引，協定 Merrill Lynch struck on Tuesday with the 地元の 検察官 in New York does 絶対 nothing to 解決する the 根底となる 衝突 of the 役割 of 分析家s in the modern 投資 bank. It may 妨げる the worst 試みる／企てるs to 誤って導く 投資家s, at least until the next bull market. It does not 演説（する）／住所 the 根底となる p roblem.

The 長，率いる of 投資 研究 at Merrill Lynch in London painstakingly explained to me 15 years ago how it was impossible to 正当化する expensive 研究 departments in 投資 banks, if the 分析家s' only 役割 was to produce 投資 推薦s for （弁護士の）依頼人s.

At that time, （売買）手数料，委託（する）／委員会／権限s on 株 取引，協定ing on 塀で囲む Street had been 軍隊d 負かす／撃墜する to just 0.2 cents a 株, which meant the 仲買人 could 推定する／予想する to earn just two cents for each $100 貿易（する）. It was an 経済的な nonsense if that were all 投資 banks had to live on. It wasn't, of course. Indeed, 申し込む／申し出ing broking services was 効果的に their loss leader.

分析家s were not wasting their time producing 推薦s for 投資家s because it was important they had a market nose, and it 高めるd their 信用性 with the companies they were 令状ing about, and made its directors willing to spend time with them.

But the real value they brought to the 投資 bank was the 接近 they had to the 法人組織の／企業の （弁護士の）依頼人s, the 関係 they built up with them and their ability to come up with ideas on how these 商売／仕事s and the 部門 in which they operated might be 再編するd. The 分析家s were there to open the doors for the dealmaking 投資 銀行業者s, and it was on those 取引，協定s that the bank made its money.

This has not changed in the 介入するing years. Indeed, what has happened is that the American model has 大勝するd the British. The City's 伝統的な approach to 投資 banking was that the 助言者 knew how to structure 取引，協定s and was familiar with all the arcane 詳細（に述べる）s of the yellow 調書をとる／予約する, and could 適用する these 技術s to whatever 取引，協定 （機の）カム along. The American 投資 銀行業者, in contrast, was someone who knew little about the 詳細（に述べる） of banking but a 抱擁する 量 about the 産業 in which the （弁護士の）依頼人 operated, to the extent that they might even have been 新採用するd from that 産業. This knowledge was at the heart of their 過程 - and the banking 技術s were 簡単に 汚職，収賄d on.

It is th erefore impossible to conceive of an American 投資 bank that does not use its 分析家s to get の近くに to the 部門s and companies where it wants to do 取引，協定s. The 衝突 is at the heart of the 商売／仕事, no 事柄 how many 取引，協定s are done with 検察官，検事s.

Lion's 株

IT IS a far cry from the world of Merrill Lynch 投資 管理／経営 to that of Lion 信用. While yesterday Merrill 確認するd it was managing £3bn いっそう少なく of （弁護士の）依頼人 money this year than last, Lion 信用 proudly 報告（する）／憶測d that its 基金s under 管理／経営 in total had 急に上がるd 39% and now stand at - wait for it - £2.1bn.

These 基金 経営者／支配人s 住む different worlds but what their 異なるing 業績／成果s を強調する is the way the 投資 管理／経営 商売／仕事 is changing. Ten years ago, the 協議するing actuaries who advise 年金 経営者／支配人s on the choice of 投資 house were putting everyone into the big four. Now they are sucking the money out and giving it instead to a string of small 投資 houses such as Lion 信用, in the hope that they will be nimble enough to （警官の）巡回区域，受持ち区域 the market.

It is another thing copied from America.

Different lines

OUR greater 認識／意識性 of spin does not seem to have made us 免疫の from its 影響s. After the Paddington and Hatfield rail 衝突，墜落s, the public 激しい非難 of Railtrack was deafening - にもかかわらず the fact that Paddington's 最初の／主要な 原因（となる） was a train going through a red light.

The unanimity of 批評 借りがあるd much to 政府 and 大臣の 要点説明s, on and more often off the 記録，記録的な／記録する, which made it （疑いを）晴らす who should be 非難するd. But in the week after the Potters 妨げる／法廷，弁護士業 衝突，墜落, which seems to have been 原因（となる）d by a 跡をつける fault, there has been scarcely a whisper of 批評 of Railtrack. Almost all the flak has been directed at 独立した・無所属 請負業者 Jarvis.

How 半端物 that the public and マスコミ reactions should be so different in the 事例／患者s of Hatfield and Potters 妨げる／法廷，弁護士業, which were essentially very simil ar 事故s. Could it be that Railtrack is 効果的に in 政府 手渡すs, so if 大臣s felt 強いるd to make off-the-記録，記録的な／記録する comments they had to find a different 的?