Independent research firms are in demand after reports suggested bias by analysts at some Wall Street's investment banking giants. Suzanne Miller in New York looks at a booming sector.
Some 20 years ago, when the late Sanford Bernstein still presided over his eponymous independent Wall Street research firm, he interviewed then-aspiring deal maker Ray Soifer. Now a market veteran with his own financial consultancy firm, Mr Soifer recalls his conversation with the legendary founder: "He asked me what I wanted to do and I said something Wall Street-related. Sanford shot back: 'Deals, deals, deals - everyone wants to do deals. Don't you want to make money?'"