[求助]sell side/buy side here respect, manager, security, research, particular

maplela

ethics里面的一段没看明白--

Guidance-- Buy side clients

Buy side clients may try to pressure sell-side analysts. Portfolio managers may have large positions in a particular security, and a rating downgrade may have an effect on the portfolio perfomance. As a portfolio manager, there is a responsibility to respect and foster intellectual honesty of sell-side research.

这里面,谁是buy side,谁是sell side?

thanks!

胡老师

整个金融行业大致分为buy side和sell side两大类。sell side做的主要是把各种asset变成各种金融产品，提供给市场。sell side主要指的是通常意义上的投行。投行内部结构也很复杂，按照产品分大致分为fixed income和equity两大类。按照业务分大致分为IBD, sales & trading，equity research, asset management（这部分和buy side性质是类似的）等。IBD是最传统的投资银行业务，靠近的是corporate一边；sales & trading主要进行产品销售和交易，有时候投行会扮演market maker的角色以保持市场的流通性。

buy side主要进行的是投资管理的业务，所以也称为IM(investment management)或者AM(asset management)，主要由各种机构投资者组成，包括mutual fund, hedge fund, pension fund等等。