Roadshow snapshots: part one

Sep 30, 2013
<p>The first part of our roadshow snapshots sees brokers, consultants and veteran IROs offer their finest tips for our city mini-guides</p>

The next roadshow is always just around the corner, throwing up questions like who to see, where to stay and, if the schedule is kind, what entertainment to squeeze in.

To help you plan your time on the road, we’ve taken the 20 most popular roadshow cities (divided between two articles) – as decided by the IR Magazine Global Roadshow Report 2013 – and created concise, info-packed guides to each location.

NASDAQ OMX Corporate Solutions provided the data on active equity assets under management (EAUM) and number of institutions with >$1 bn EAUM.
 

1. New York

New York

Active EAUM: $4 tn
Number of institutions with >$1 bn EAUM: 444

Why go?
It’s no surprise that New York is the most popular roadshow destination in our list: it has a greater number of investors and more dollars under management than any other city on earth, explains James Tickner, head of global investor targeting at NASDAQ OMX Corporate Solutions.

When to go
There is an institutional exodus during the summer, but companies visiting then report receptive investors, a relaxed atmosphere and less competition for meetings.

Itinerary tips
If anything, New York offers too much choice. Just about any company could fill a day or two, says Tickner, but with more options comes the potential to make more mistakes. The city’s average investment horizon is far shorter than, for example, the West Coast’s, so plan your time with care.

Where to stay
The exclusive New York Palace Hotel is popular with senior executives. For a boutique option, Brian McMahon, director of investor targeting for the Americas at NASDAQ OMX Corporate Solutions, directs companies to the Andaz on 41st Street.

What’s on
The Superbowl comes to town – well, to the MetLife Stadium in East Rutherford, New Jersey, a 30-minute drive from Manhattan – in February 2014. Put your broker to the test and request a ticket. In addition, the annual New York City Marathon, which takes in all five city boroughs, is a fun time to be in town, notes McMahon.
 

2. Boston

Boston

Active EAUM: $3.3 tn
Number of institutions with >$1 bn EAUM: 301

Why go?
The second-biggest money center in the US is famous for its mega-sized mutual funds, but the city has far more to offer. ‘While meetings with buy-side firms like Fidelity, Wellington and Columbia may be the big draw, there is also a large appetite for medium and small-cap stocks from firms like Rutabaga Capital Management, Ironwood Management and GRT Capital Partners,’ says Dennis Walsh, vice president and director of social media at Boston-based IR firm Sharon Merrill.

When to go
Winter is not the ideal time to come. Visiting firms could get caught up in a nor’easter, warns Walsh – a vicious storm named after the direction from which it blows.

What to eat
‘Even CEOs must eat,’ says Walsh. ‘Boston has many options to order in for working lunches, including Café de Boston – experts in corporate catering.’ For a sit-down experience, he suggests Trade or Society on High for a truly ‘professional, fine-dining atmosphere’.

Where to stay
For a memorable stopover, a good option is the Liberty, a luxury hotel converted from the famous Charles Street Jail. Previous inmates include Boston’s colorful former mayor James Curley and activist Malcolm X.

What’s on
Sport is huge in Boston. For a true local experience, Walsh recommends seeing the Celtics (basketball), Bruins (ice hockey) or Red Sox (baseball). A trip to see the latter should include one of Fenway Park’s signature hotdogs.
 

3. London

London view

Active EAUM: $2.6 tn
Number of institutions with >$1 bn EAUM: 283

Why go?
From the West End to Canary Wharf via the Square Mile, London is a city paved with equity assets. And you can look forward to productive meetings: Lars Vom-Cleff, director of corporate access at Deutsche Bank, says investors are the ‘most professional’ in Europe, arriving ‘extremely well prepared’ to make the most of management and/or IR time.

Who to see
With so many major investors to choose from, it’s ‘unfair to pick out must-sees, says Vom-Cleff. But he notes that Fidelity Management & Research is building up buy-side analyst and portfolio management teams in London.

Where to stay
The Andaz in Liverpool Street is round the corner from Deutsche Bank’s offices, so it could be convenient, says Vom-Cleff, who also likes the Hoxton Hotel.

What’s on
Even after the Olympics, London offers a feast of sporting attractions: rugby at Twickenham, cricket at Lords, and Premier League soccer matches every weekend.

After dark
Vom-Cleff’s favorite destination is Covent Garden, where revelers can watch street artists and musicians throughout the night. For a laid-back meal, combine stunning views with on-trend food at Duck & Waffle, found on the 40th floor of Heron Tower.
 

4. Chicago

Chicago

Active EAUM: $688 bn
Number of institutions with >$1 bn EAUM: 88

Why go?
Chicago is home to big value-oriented names like Harris Associates and William Blair, as well as the largest concentration of specialist real estate investment trust investors in the US. The city also has a strong investment advisory network, notes Michael Moore, vice president of TMX Equicom. ‘If you have the opportunity to conduct a small lunch presentation for this audience, do so – but remember: this audience, more than any other, requires follow-up,’ he says.

When to go
July and August are quieter months, with many investors on vacation, but may be a good time for smaller companies to get noticed.

Travel tips
A car service will help you maximize your time, says Moore, and will let you move quickly between the city’s two logistical centers: the central area known as the Loop, and the Magnificent Mile.

What to eat
You’re in Chicago, so have some steak, advises Moore. He recommends the Saloon Steakhouse and Ditka’s, both of which are found on the Magnificent Mile.

What’s on
Do your green interests extend beyond SRI funds? The Fall Bulb Festival sees crowds descend on the Chicago Botanical Garden to eat and drink and, yes, buy bulbs.
 

5. San Francisco

San Francisco

Active EAUM: $633 bn
Number of active institutions with >$1 bn EAUM: 69

Why go?
The biggest pull on the West Coast, San Francisco and its environs boast a ton of equity assets. Along with a huddle of institutions downtown, investors are found in Marin County to the north, across the bay in Oakland and south in Silicon Valley.

Who to see
Key accounts to target include Capital Group, Franklin Advisers, Dodge & Cox, Invesco, RS Investments and Allianz, says Cheryl Gedvila, vice president of global corporate access at RBC Capital Markets. Balyasny, Citadel and TIAA-CREF also have teams.

Itinerary tips
If it’s nice out, why not walk between meetings downtown? You’ll need a car, though, given the geographical spread of investors, and expect to spend a fair amount of time behind the wheel. West Coast money managers work on New York time, so plan an early start to the day: 7.00 am meetings are commonplace, notes Gedvila, and lunch can start as early as 11.00 am-11.30 am.

What’s on
If you take the Bay Bridge over to Oakland, watch out for the Bay Lights Project. This is the world’s biggest LED light sculpture, at a dazzling 1.8 miles wide and 500 feet high.
 

6. Frankfurt

Frankfurt

Active EAUM: $370 bn
Number of institutions with >$1 bn EAUM: 42

Why go?
With more than $350 bn under management in the city alone, Frankfurt serves as one of Germany’s – and Europe’s – largest economic centers. It’s known equally well as a diverse and liberal cultural center, where visitors can always find someone who speaks their language or serves their favorite food. It’s in Frankfurt, too, that you’ll find your dream shareholders, says Vom-Cleff: the buy side has significant resources, maintains a disciplined investment process and is biased toward long-term, quality opportunities.

Who to see
The four most important institutional investors – Allianz Global, DEKA, DWS and Union Investment – are separated by five-minute taxi journeys in the city, and should be met at one-to-one meetings, says Vom-Cleff.

Travel tips
Frankfurt houses one of Europe’s biggest airports, which is only 20 minutes from the city center – and most investors’ head offices – by taxi or public transport.

What’s on
One of the world’s top motor shows, the Internationale Automobil-Ausstellung, is held every September.

After dark
A favored local tipple and a necessary initiation for visitors, Äppelwoi, a deceptively strong cider, can be found in bars just across the river in Sachsenhausen.
 

7. Paris

Paris view

Active EAUM: $407 bn
Number of institutions with >$1 bn EAUM: 53

Why go?
Do you need an excuse? Paris is known as the city of lights, love and culture, famous for the Louvre, the Eiffel Tower and the Musée d’Orsay. According to Paris resident Anne Guimard, president of IR firm FINEO, however, for IR it’s a matter of numbers. There are 600 asset management firms in France, including 400 entrepreneurial groups and four of the world’s top 20 asset managers.

When to go
The French full-year earnings season means things are busiest in April and the second half of July.

Travel tips
Though an early morning flight might seem like a good idea, it can easily take up to two hours to reach the inner city in the morning. Traffic is still a problem in Paris, says Guimard, but public transport works well and is both cheap and easy to navigate, though taxis are hard to find.

What’s on
With no big sporting events on the agenda, the city is currently ‘wonderfully quiet,’ says Guimard. There are a number of festivals, including the Versailles Festival, which runs through June and July.

After dark
Guimard recommends moving away from business districts and trying more off-the-beaten-track areas for a real taste of ‘la vie Parisienne’.
 

8. Toronto

Toronto

Active EAUM: $854 bn
Number of institutions with >$1 bn EAUM: 110

Why go?
Substantial assets under management, long-term investors, a mix of investment styles but few hedge funds – what’s not to love about Canada’s main buy-side hub? ‘There is a wide variety of investors, many of which have international or global mandates and/or invest a good portion of their assets outside Canada,’ says Craig Armitage, head of the Toronto IR practice at TMX Equicom.

When to go
Spring, summer and fall are best, as winters can be brutally cold. Non-resource companies should avoid the Prospectors and Developers Association of Canada 2014 Convention in March, when it’s harder to get buy-side attention, advises Armitage.

Travel tips
Many of Toronto’s main accounts are located in the downtown area. Pedestrians find shelter from the humid summers and chilly winters by using the PATH system, a network of pedestrian tunnels totaling 28 km in length.

After dark
If clients are staying the night, Armitage suggests they check out the Ossington or King West areas. The latter has additional buzz in September, when it hosts the Toronto International Film Festival.
 

9. Los Angeles

Los Angeles

Active EAUM: $1.68 tn
Number of active institutions with >$1 bn EAUM: 52

Why go?
In California’s second-largest financial hub, LA’s investor tenants include Capital Group, TCW, Hotchkis & Wiley and NWQ. Primecap Management, one of the area’s largest accounts, is found just outside the city in Pasadena. San Diego and La Jolla are also worth a visit, notes Roger Pondel, CEO of LA-based IR firm PondelWilkinson, although they are a two-hour drive down the coast.

Travel tips
Los Angeles deserves its reputation for urban sprawl and heavy traffic, and the situation is worse than normal since one of the main freeways, known as ‘the dreaded 405’, is undergoing construction work. Leave plenty of time between meetings.

Where to stay
If Primecap is on the itinerary, RBC Capital Markets likes to make it the first meeting of the day and stay in the area overnight. A favorite hotel is the splendid Langham Huntington. Starting in West LA? Pick a hotel in Santa Monica for morning beach walks.

After dark
For a fun night out, the LA Live entertainment complex offers restaurants, bars, hotels, cinemas, music venues and the Grammy Museum. It’s also located next to Staples Corner, home to many local sports teams, including the LA Lakers.
 

10. Edinburgh

Edinburgh

Active EAUM: $393 bn
Number of institutions with >$1 bn EAUM: 49

Why go?
Despite a few high-profile implosions at local banks, Scotland retains its reputation for careful and shrewd financial management. Companies visiting the capital, Edinburgh, can look forward to ‘very high-quality meetings’ with experienced investors who like to hold for the long term, explains Alex Henney, who works in global equity sales at Citi. ‘Getting some of these funds on your register is a real vote of confidence,’ he notes.

When to go
In late April there is a big turn-out for the Scottish Analysts’ Dinner, says Henney, so the people you want to see are likely to be around.

Where to stay
The Balmoral is the number one choice for visiting companies, and doubles up as a good place to hold group lunches, says Hazel Lawrence, also in equity sales at Citi.

Travel tips
Most institutions can be walked between. The main exception is Kames Capital, located between the town and airport, so catch it on the way in or out.

What’s on
If theatre, comedy and/or live music are your thing, the Edinburgh Festival offers a near-endless amount of choice. It also causes the city’s population to double in August, so be prepared to battle your way through crowds of tourists.

Click here to view destinations 11-20.

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