Research Principles

  • The cornerstones of our research brand are integrity, credibility and trust
  • Procedures for managing potential conflicts of interest
  • Supervision and management of analysts
  • Limitations on analysts’ involvement in activities other than the preparation of research
  • Aico is committed to providing the highest quality investment research. Aico recognizes that, individually and collectively, we are ultimately responsible for our research views and protecting the integrity of our research brand.
  • Our research brand strives to be objective, insightful, financially rigorous, readable and timely.
  • Our research must always reflect the informed view of our research analysts. In forming the informed view, our analysts strive to be diligent and thorough in their work, supporting their basis for opinions with appropriate levels of independent investigation, inquiry, analysis and judgment.
  • We recognize that potential conflicts, both actual and perceived, may arise both internally within our firm as well as externally from corporate and investor clients. It is our responsibility to acknowledge and manage those conflicts in a way that protects our clients and our reputation.
  1. Aico has no internal corporate finance or sale and trading business. Our business focuses on writing investment research. Our clients do however include corporate finance and/or sales and trading organizations.
  2. Aico is available to all analysts with respect to any issue regarding actual or perceived conflict and/or inappropriate influences, whether from within or from external sources.
  1. Analysts report to the Director of Research, and do not report to client corporate finance personnel or sales and trading personnel.
  2. Analysts are permitted to fact check research drafts with the management of the subject company and with other client counter-parties.
  3. Prior to publication, the final research draft normally undergoes a dual review by an editor and a supervisory analyst. All research requires the Director of Research’s approval prior to publication.
  • Analysts are not permitted to participate in sales pitches for corporate finance mandates for clients and are not permitted to make presentations or actively participate in road shows relating to a corporate finance transaction.
  • Analysts are permitted to perform certain other roles where the firm believes that it would not compromise their independence or the appearance thereof:
    1. Discussing the merits of a proposed transaction with corporate finance clients.
    2. Discussing industry sector trends with corporate finance clients.
    3. Assisting in due diligence.
    4. Advising on market sentiment and pricing and structuring of securities offerings.
    5. Investor education relating to a corporate finance transaction.
    6. Education of the client’s sales force relating to a corporate finance transaction.
    7. Participation in presentations at widely attended conferences.