Rankings rankle as investors get their own back
Terribly important things, these fund manager polls. Conducted by magazines such as Institutional Investor, they give large investors the chance to rate investment banks on everything from research analysis to deal-making acumen.
A good indication of how seriously the banks treat them is the uniformity with which their rankings are splashed across their marketing materials. A more telling one is the burst of hospitality and generosity that the banks show the editors of the magazines during the survey season.
But first place clearly is not always the best, as Goldman Sachs found yesterday when the firm topped the list of the least independent research houses in Asia in Asiamoney's annual poll of fund managers.
Independence of research is a timely issue, what with the chorus of accusations ringing around Wall Street about investment bankers pressuring research departments to tailor their product to please the corporate client, rather than the investor.
Goldman is, perhaps understandably, less than pleased at its winning place and points to the fact that its own Mike Warren won top place in Asiamoney's rankings of capital goods and financials analysts.
'Our research is of the highest quality and integrity. I cannot speak for the Asiamoney poll,' sniffed a Goldman spokesman.
Up in arms: Accountants should mark this one in their electronic diaries. In case you have not yet heard, the World Congress of Accountants, held once every five years, is about to arrive in Hong Kong. The amazingly influential Hong Kong Society of Accountants has somehow not only secured the congress, but Chinese Premier Zhu Rongji will officiate at the opening ceremony.
The congress is being held from November 18-21. Its full official title is 'The 16th World Congress of Accountants'.
But wait. An alert reader has pointed out that Hong Kong might not be quite ready to host an event of this magnitude (the theme of the congress is The Knowledge-based Economy and the Accountant.) The reader tells us he received an e-mail note that Golden Bauhinia Square in Wan Chai will be closed on November 18-20 for security reasons related to seriously important VIPs. The e-mail was authored by Chow Kwok-kee, Chief Inspector of Police, Chief Drill and Musketry Instructor Police Training School. Our reader writes: 'The rest of the world's police forces - or at least most of them - have sophisticated weapons to protect people with, but our supposedly advanced First World City protects visiting dignitaries with antiquated muskets. It is just not good enough!'
Out of Africa: After extensive research into scam e-mails from Africa, Lai See has had enough of them. They are all utter nonsense to us and we don't see any point in further reporting on the various incredible stories the scam writers come up with.
Having said that, one can never be completely sure that a particular e-mail from an unknown source is not legitimate. Take this request we received from Julius Nsekou Mobutu Sese Sekou the other day. It begins: 'Dear Friend, With a humbled heart I commit myself this day to write and ask for your benevolence and kind consideration of my plight for assistance.' Does Julius not have a way with words? Anyone this literate just has to be honest.
Here are some other carefully extracted examples of possibly believable claims from African e-mails sent in by readers: 'This transaction is 100 per cent risk free. Hence it requires a high level of confidence and secrecy. Meanwhile this is a breakdown of the sharing modalities. . .'
We have been told that scam artists sometimes succeed in winning victims' trust by insisting on it. As in this extract from a message sent to a reader by Mr Dudu Benson (How could anyone not believe a man with a name like Dudu?): 'Be assured that this is risk-free and legitimate. Please advise me on your position by e-mail immediately. Please I await your prompt reply.' A very bossy scammer, our Mr Dudu.
Graphic: whee06gbz
