5.5 Swiss Equity Research
Sell-side analysis has become an ever tougher market since the dot-com bubble burst.
In Germany, the number of equity analysts has since fallen from 800 to 200. The trend is moving in the same direction in Switzerland, albeit to a lesser extent. There is a lot of movement in the market, not least because of the new regulatory requirements (see sidebar on MiFID in ➔ Chapter 5.1). The table below presents the most important players for Switzerland.
Institutions with Swiss Equity Research
Typ | Unternehmen |
| Major/investment banks | Bank of America, Citigroup, Deutsche Bank, Goldman Sachs, Jefferies, JP Morgan, Morgan Stanley, UBS |
| Cantonal Banks | ZKB |
| Private banks and asset managers | Berenberg, Vontobel |
| Specialized research and/or brokerage companies | Baader Helvea, Kepler Chevreux, Octavian, Research Partners, Stifel |
The role of analysts has been changing since the introduction of MiFID regulations throughout Europe in 2018. It was clear there would be a certain loss of importance.
Coverage Provided by Selected Banks and Research Institutions
Coverage-Universum | Analysts in Switzerland | Analysts Abroad | Number of SIX Equities | Number of global Equities | ||
| ZKB | Switzerland/SPI | 21 | – | 144 | – | |
| Vontobel | Switzerland/SPI | 11 | – | 100 | – | |
| Research Partners | SMI/SPI | 11 | – | 109 | – | |
| UBS | Global/SMI/SPI | 10 | 610 | 97 | 3,494 | |
| Baader Helvea/Alphavalue | DACH | 5 | 36 | 92 | 585 | |
| Kepler Chevreux | Cont. Europe; Small/Mid/Large Caps | 7 | 105 | 90 | > 1,100 | |
| Stifel | SMID Cap Cont. Europe, UK and US | 4 | 171 | 75 | 2,141 | |
| Octavian | SMI/SPI | 11 | 0 | 71 | – | |
| Berenberg | SMID Cap Cont. Europe, UK and US | 2 | 90 | 52 | 730 | |
| Deutsche Bank | Global/SMI/SLI | 1 | 200 | 46 | 1,541 | |
| Jefferies* | Global/Mid/Large caps | – | 194 | 45 | 3,016 | |
| Morgan Stanley | Mid/Large caps | 0 | > 670 | 39 | > 3,800 |
As of June 2024, information from respective banks and financial institutions.
*As of October 2023.