- Newsletters
- Consultant Databases / RFPs and DDQs
- Primary Research
- Equity Research
- Quantitative Analysis
- Information Aggregation
- Fund Analysis
- Retail Banking
- Segmentation and Cross Sell
- Credit Cards
- NAV, Fees and Returns
- Dividend Data
- Fund Fact Sheets and Pitchbooks
Newsletters
Client Background
Our client, a global financial services company with over 100,000 employees wanted to improve the way it created and published its daily market newsletters and sector alerts. It particularly wanted to address the issues related to timely delivery of the alerts before market openings in various geographies and efficient utilization of resources.
SGA created a team of 8 resources with strong background in the relevant sectors and markets and started delivering these alerts and newsletters within one week of sign off from the client, with strict adherence to the quality and timely delivery. Pricing was based on the effective utilization of resources creating significant savings for the client.
Services Offered
- Global market newsletters covering all asset classes and markets
- Sector Alerts
Results
SGA's dedicated team has enabled improved utilization of the client's analysts, allowing them to move up the value chain. Further, the client was able to reduce its overall costs in personnel significantly while at the same time increase flexibility to increase or reduce staff on short notice and at low cost.
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Consultant Databases / RFPs and DDQs
Client Background
Our client, a boutique asset management company wanted assistance with streaming of information onto investment management databases & supporting them whilst using the RFP machine to respond to Request for Information, Request for Proposals & Due Diligence Questionnaires.
Services Offered
- Wider coverage & speed to market of updates
- Manage regular spikes in work volume through monthly / quarterly update cycles
- Enable in-house client resources to remain focused on the value add end of the business process
- On call resource pool for urgent Request of Information, Request for Proposals & Due Diligence Questionnaires
- Increased and timely coverage of global management databases helped the client in winning more mandates
- Enabled in-house client resources to remain focused on the value add end of the business process.
Primary Research
Client Background
One of UK’s largest market research firms used SGA to conduct a online market survey to understand the drivers of customer satisfaction and customer loyalty for a pan European online travel mart. Online travel mart’s registered users were based out of UK, Germany, France, Italy, Spain, Belgium, Netherlands and Switzerland.
Services Offered
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SGA created a questionnaire in conjunction with the client. Data was collected through primary interviews and was used to understand
- Product / website reliability and perceived quality
- Responsiveness of the customer services team and the staff at helpline numbers
- Price competitiveness
- Choice competitiveness across multiple travel options
- Ease of purchase and verification procedure including verification calls for high value purchases
- Option to pay in multiple currencies
- SGA conducted the online survey in the following languages: English, German, French, Italian, Spanish and Dutch using CATI
- A team size of 7 researchers was used
- The entire recordings of the qualitative and quantitative survey were given to the client
- The survey enabled the end client to customize their loyalty program before launch
Equity Research
Client Background
The client is an independent financial research house which covers microcaps in North America (US & Canada) and upcoming companies in China which are publicly listed on NASDAQ and OTC markets in the US. The client has diverse coverage of sectors, but recently has been focusing on commodities (example: Gold, Silver & Copper mining companies in Canada) and infrastructure companies in China which are experiencing rapid growth as the Chinese economy rebounds. The client’s mandate to its customers is that it will find “jewels in the haystack” of microcaps which would be tomorrow’s blue chip companies.
To expand coverage rapidly and leverage the diverse emerging markets experience of SGA, the client has engaged a team of SGA analysts with VP support for end-to-end equity research of companies in sectors such as mining, healthcare, manufacturing, basic materials, retail and others.
Services Offered
- Initiated coverage of companies which includes structuring the “story”, building the management questionnaire and leading the calls with the CXO’s of the covered company, detailed financial modeling and valuation analysis, authoring the initiating coverage report (ICR) and coverage of the sector (news & impact analysis) on a regular basis. SGA provided the client with an end-to-end white labeled coverage of the company with a recommended rating.
- After the ICR was released, SGA provided research coverage on quarterly basis which includes attending the quarterly analyst calls, updating the financial model and the ICR to reflect the latest information flow from the company.
- On an ad-hoc basis, SGA has also authored small sector studies and blog articles on assigned topics by the client related to the sectors covered by SGA.
Results
SGA has initiated coverage on multiple emerging and developed market companies (more than 12 companies) and has facilitated the client to rapidly build coverage for its predominantly NA based end-customer base without much “hand-holding” from the client. The client has appreciated the rapid coverage of emerging markets by SGA at competitive prices where local client talent was not easily available to initiate coverage.
Client Background
The Client is an independent equity research firm focused on global spin-off situations including pure spin-offs, split-offs and carve outs. The client has diverse sectoral coverage both in G7 economies markets (US, UK, Italy, Germany and Canada) and other economies like Mexico, Philippines, India and China. To expand the coverage rapidly and leverage SGA’s equity research expertise, the client has engaged a team of SGA analysts for preparing end-to-end equity research of companies in diverse sectors such as metals and mining, media, automobiles, energy, shipping, ports, telecom, real estate and consumer.
Our client’s value proposition is its ability to differentiate good quality spins from poor quality ones and to enable the customers (investors) earn above-average investment returns over time by capitalizing on mispricing opportunities in the spin offs.
Services Offered
- During the pre-spin period, based on available spin related information, SGA prepares an initial exhaustive focus report which summarizes the value break-up across both the stub (parent minus spin-off) and spinco (spun-off entity), providing an overall view/recommendation. This report includes detailed financial modeling, sectoral, business analysis and other technical factor analysis (e.g. structured selling pressure from index funds).
- Once the spinco is listed, based on the “when issued prices” during the initial trading period, SGA issues stock recommendations, based on implicit upside/downside.
- Post that, SGA provides on-going research coverage to cover interim results and other material events (new acquisitions/JVs, divestiture, capital raising and other material changes in business prospects).
- SGA prepares a spinoff ranking sheet which showcases the performance of spin-offs: investment returns since initiation/listing both on an absolute basis and relative to the respective country index.
Results
SGA has initiated coverage on multiple spin off situations enabling the client to rapidly build out its coverage list at competitive prices. Our portfolio of covered companies have delivered investment returns since initiation of approx 28% (outperforming the respective broad indices by approx 12%).
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Quantitative Analysis
Services Offered
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Run daily batch processes to collect tick data from Reuters in a binary file
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Convert the binary file into flat files
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Convert the flat files into buckets and store in Oracle DB
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Run daily analytics on client’s prior day executions
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Analytics cover VWAP, TWAP, Spread Crossing, Guerilla, etc.
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Monitor data on the traded volumes (volume curve) and bid ask spreads (spread curve)
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Daily performance reports on all algorithms
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More than doubled the average daily turnover from algorithmic trading from USD 25 mn to USD 60 mn
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Execution of 1 in 5 orders of more than USD 2 mn for guaranteed VWAP execution
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Reduction development and maintenance costs in overall agency trading, by more than 30%
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Information Aggregation
Client Background
Our client is a major financial information provider and creator of major Indices. They wanted to track all upcoming IPO’s so that the companies could be flirted on the basis of their future applicability to particular indices. Furthermore secondary or follow on offering were also to be tracked to ascertain dilutions.
Services Offered
- SGA created an information gathering system covering more than 80 countries and several different languages.
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The following datapoints across all IPO and secondary offerings are collected on a daily basis
- Company Details such as address, headquarter, industry, company description etc.
- Deal Details such as stock exchange, identifiers (tickers, CUSIP, SEDOL, ISIN), security details, filing date, listing / trade dates, offer price, number of shares, amendment and underwriting details, overallotment details etc.
- Quality checks ensure 100% data accuracy
Results
- Proactive information available to client to customize indices
- The entire data is maintained in client user interface which gives the client flexibility to use the data in the desired format at any given point of time
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Fund Analysis
Client Background
One of Switzerland’s largest asset management companies engaged SGA to conduct performance and holding analysis of its equity funds and benchmark them against its leading global competitors.
Services Offered
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Performance analysis
- Analyzed fund, benchmark and peer group performance and quartile ranking over a period of 1 month, 3 months, 6 months, 1 year, YTD and in some cases, performance since inception
- Reported technical parameters such as Volatility, Alpha, Beta, Information ratio, Tracking error, etc.
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Holdings analysis
- Monitored evolution of funds’ holding pattern on a monthly basis with a focus on the top ten holdings
- Comparative analysis of the holdings’ skew both overweight and underweight with benchmarks
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Deviance from strategy and alpha generation analysis
- Multiple regression analysis of fund performance against the respective benchmark indices that map with the stated investment strategy including sector, market cap and geography
- Back testing and regression analysis support for fund of funds and multi style hedge funds
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Net sales analysis
- Calculated net sales, adjusted for performance and currency changes, within the sector over a period of 1 month, 3 months, 6 months, 1 year
- Analyzed relative asset growth within the sector and comparison with the sector average and top 5 competitors
- The benchmarking reports were used extensively by the relationship managers to answer queries from institutional as well as high net worth clients and to highlight the USPs of the fund sold such as excess returns over risks, any positive and negative bets taken by the fund manager, etc.
- The reports also helped the product management and marketing teams better understand the product structure and the net sales generated of their peers vis a vis their performance and quartile rankings.
Retail Banking
Client Background
Our client, a commercial and retail bank based in the Middle East wanted to improve its overall customer profitability based on 2 distinct revenue streams viz. interest income and transaction fees. SGA created a team of 3 resources with strong background in retail banking operations, very large scale data bases and analytics to deliver the project in 4 months time.
Services Offered
- SGA computed the Interest revenue (IR) for loans based on the loan outstanding for the period and the interest rate applicable on them across customer segments. Further, the non-Interest revenue (NIR) was calculated by analyzing transactions for the same time period. SGA established transaction codes to identify the various types of NIR revenue.
- In addition, for the same time period, SGA calculated the interest expenses on the deposits based on the deposit amounts for the periods and the interest rates applicable on them.
- Based on the NIR analysis, SGA proposed a revision to the schedule of NIR charges such as loan installment default charges and below minimum charges. SGA also proposed a value based clearing charge versus a fixed fee for clearing transaction.
- In addition, based on Gross Cash Income (GCI) and Gross Value Added (GVA) analysis, SGA proposed concrete steps such as increasing CASA funding from Personal Plus segment and lending to Personal and Personal Plus segment.
Results
SGA team has enabled improved utilization of the client's assets, helping them achieve better profitability in terms of both incremental Net Interest Margin and further rationalization of NIR leading to a significant increase in transaction fees.
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Segmentation and Cross Sell
Client Background
Our client, banking conglomerate based in the Middle East wanted to analyze product usage patterns across customer segments, understand its profitable customer segments and identify concrete revenue generating opportunities across its customer base.
SGA created a team of 6 resources led by a VP with strong background in universal banking, very large scale data bases and strong analytical capabilities to deliver the project in 7 months time.
Services Offered
- SGA helped the bank to segment the customers across multiple dimensions such as nationality, age, income, vintage, Nett relationship value across products and sub products
- SGA studied the fees, default rates and interest incomes across asset, liabilities and credit cards across the customer base and identified and profiled the stars and the dogs therein. This analysis was presented to the senior management in the form of an exhaustive set of granular analysis.
- Based on this analysis and in conjunction with the marketing team, SGA proposed set of concrete marketing and promotional activities for cross sell and up sell for products both asset and liability to the bank’s executives.
Results
SGA team has enabled the bank enhance profitability in the existing credit card customer base and generate new income based on higher credit card penetration in the customer base. The bank can now make informed pricing decisions on products which drive greater profitability in the various customer segments.
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Credit Cards
Client Background
Our client, one of the largest issuers of credit cards in the Middle East wanted to identify additional income generation opportunities from its core business.
SGA created a team of 3 resources led by a VP with strong background in credit card analytics to deliver the project in 5 months time.
Services Offered
- SGA conducted a profiling and segmentation exercise based on the existing credit cards user base. This segmentation model was iterated till the customer segments were aligned with business objective.
- SGA collected utilization data and analyzed utilization metrics & trends at segment level to short list potential opportunities for deeper analysis.
- SGA proposed a three pronged income generation strategy based on increased utilization, cross sell and up sell and increased point of sale (POS) opportunities
Results
SGA team provided a granular income generating strategy which covers increased utilization through vendor loyalty programs, increased usage and credit rollovers; increased cross and up sell through increased credit limits and issuance of additional Co-Branded cards and increased POS revenue through exclusive and favorable offers to select merchants and re-pricing transaction fees.
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NAV, Fees and Returns
Client Background
Our client, a fund administrator owned by one of the largest global banking conglomerates in Switzerland wanted to audit its published prices across a number of price distribution partners and end publishers.
SGA dedicated a team of 3 analysts to audit the fund prices daily twice across more than 55 price distribution partners and end publishers. This was done for 55 funds domiciled in Switzerland, 25 in Guernsey and 35 in Luxembourg.
Services Offered
- SGA created an information gathering system covering the entire price distribution partners and end publishers in Europe.
- SGA audited the NAVs, fees and daily returns published and sent a daily conformance and variance report. This report was used by the client to check its SLAs with its existing vendors.
Results
SGA team has enabled the fund administrator to monitor, audit and thus achieve 100% accuracy in a short period of 4 months.
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Dividend Data
Client Background
Our client, a large global asset manager in the UK, wanted to audit its dividend payout dates and prices published daily on its own website.
SGA dedicated a team of 2 analysts to regularly monitor the dividend pay out dates, actual date of dividends paid, cum dividend prices and ex dividend prices across 90 funds domiciled in Ireland, 82 in Germany, 60 in UK and 90 in Luxembourg.
Services Offered
- SGA created an information gathering system covering the entire monthly, quarterly and annual dividend payment cycle.
- SGA audited the dividend data and sent a monthly conformance and variance report. This report is used by the client to check its SLAs with internal teams and for compliance and regulatory reporting.
Results
SGA team has enabled the asset manager stream its process of dividend data publishing and thus achieve 100% accuracy in a short period of 5 months.
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Fund Fact Sheets and Pitchbooks
Client Background
Our client, a large regional asset manager in the Kingdom of Saudi Arabia, wanted to redesign, compute and publish its fund fact sheets and design and publish pitchbooks monthly.
SGA dedicated a team of 2 analysts and a graphic designer to publish these fund fact sheets and pitchbooks by the 8th business day and the 10th business day of the month respectively.
Services Offered
- SGA created computation and design templates for both fund fact sheets and pitchbooks for equity, debt (Murabaha) and balanced funds. The designs were in conjunction with the corporate marketing and conformed to the branding guidelines. The computation was carried out across parameters within a number of months with positive performance, short and long term returns, both absolute and annualized.
- This was supported by technical analysis including excess returns over the benchmark, alpha, risk viz. maximum drawdown, standard deviation and downside risk, market sensitivity viz. beta and reward to risk ratios such as sharpe, information ratio and tracking error.
- SGA also helped the fund managers create their monthly commentary.
- This data was then used in the pitchbooks where the investment case across the asset classes, region and / or sector was presented by the asset manager along with a redesigned corporate profile and product brief.
Results
SGA team has enabled the asset manager stream its internal fund fact sheet and pitchbook publishing process and achieve 100% accuracy and on time publication of best in class marketing material in a short period of 3 months.
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