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CASE STUDY
BEST IN CLASS
When broker Panmure Gordon & Co went looking for a share register analysis solution they tested almost everything the market had to offer – and found Capita had the answers they needed
‘‘C
hange is a constant” is an oft-used cliché in the business world but it certainly holds true in the world of share register analysis, where changes in regulations and advances in
techniques have made the role much more complex recently. “There have been major changes to the way people do this job in the last few years and I think it is now more difficult than ever,” says Wayne Slyfield, a director in Panmure Gordon’s corporate broking team.
With the contract with Panmure’s incumbent analyst finishing at the end of 2009, Wayne – who knows a thing or two about share register analysis having built two systems from scratch in the past – decided to test the waters of the market by putting out a tender last autumn.
“We got far more interest than I would have ever imagined,” says Wayne. And that interest kept building as word quickly got around the relatively small world of share register analysts. Soon Panmure were looking at bids from most of the key players in the sector and a few start-ups keen to break into that market.
Put to the test The first hurdle for potential analysts was to analyse a set of data provided by Panmure. Wayne explains: “Everyone had a level playing field – I supplied them all with some test data and asked them to analyse it for us.” Wayne knew what he wanted to see in the resulting analysis so any gaps were easy to spot – and the services of any companies not reaching the required standard were politely declined.
Those offering to build a bespoke system for Panmure but without an existing product were also out of the running at this point. That suited Panmure as Wayne was looking for someone with the proven capability to take the job on from day one and the capacity to carry out the work without relying on support from Panmure. “Outsourcing the function frees up a lot of
SPRING 2010
my time to get on with the job I’m actually supposed to be doing rather than analysis work,” he says.
Quality and reputation “There are lots of people who can do this kind of work but there are fewer people who can do it well,” says Wayne. The difference lies in the quality of people doing the analysis, as Liz Long, Business Development Manager with Capita IR Services, explains. “There’s a lot more to good analysis than just crunching the numbers,” says Liz. “Our team of specialists all have relevant experience of working in broking houses or other investor relations roles so we know the level of accuracy and reliability that our clients want and need.”
LONG
Business
LIZ
Development Manager
Reputation was another key issue. While Panmure supplies the information provided by Capita to its clients under its own name, they also wanted their customers to be reassured of the information’s accuracy by its association with a well-known
brand. “While we ‘white label’ our reports, we certainly don’t hide the fact that they come from Capita,” says Wayne. “That’s why we wanted a trusted name as our analyst.”
Capita had the advantage of building that trust as a result of its existing relationship with Panmure through its share register business. “For example, we were one of the first brokers to work with registrars on the development of Depository Interests (DIs),” says Wayne. “And when we needed a helpful registrar that registrar was Capita. So the relationship is a tried and trusted one.”
With Capita able to meet each of Panmure’s key requirements, Wayne had no hesitation in appointing Capita IR Services as his new share register analysts
liz.long@capita.co.uk.
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