Ten more concise guides to popular roadshow destinations
Welcome to part two of our roadshow mini-guides. In this section, you'll find cities 11-20 in our list of the most popular roadshow destinations, as decided by the IR Magazine Global Roadshow Report 2013.
NASDAQ OMX Corporate Solutions provided the data on active equity assets under management (EAUM) and number of institutions with >$1 bn EAUM.
11. Zurich
Active EAUM: $251 bn
Number of institutions with >$1 bn EAUM: 21
Why go?
Zurich welcomes numerous roadshows every year, especially from companies in the pharmaceuticals, chemicals, life sciences, healthcare and high-end industrial sectors. That’s because of the particular expertise in these sectors of the local analyst community, which in turn results from the strength of these areas in the domestic market. Adding to the appeal for non-Swiss companies, local institutions are typically international in outlook.
When to go
Weber-Thedy, the IR and financial communications firm based in Zurich, recommends that clients visit investors between mid-January and mid-June, or between September 1 and mid-November. Sean Serafin of Weber-Thedy also recommends avoiding Mondays and Fridays, and above all, setting meeting dates at least two months in advance.
Itinerary tips
Bear in mind that meetings ‘are work and not social events,’ says Weber-Thedy. That means avoiding dinners, perhaps opting instead for one-on-ones plus a lunch (it’s worth considering the historic guild houses). Breakfasts should start at 7.30 am.
How to act
Generally, Weber-Thedy says, ‘a modest, down-to-earth approach goes down well.’ Serafin notes that companies can increase their impact by translating corporate literature into their target audience’s native tongue.
12. Geneva
Active EAUM: $49 bn
Number of institutions with >$1 bn EAUM: 10
Why go?
Geneva’s greatest expertise is in the finance sector, and the city plays host to many of the country’s secretive private banks, managing the wealth of rich individuals and families from all around the world. That makes it worth a visit, as does the presence of major institutions like Credit Suisse, UBS, Vontobel, Pictet and Capital.
When to go
Jill McCabe from the IR department at Standard Life says May can be a tricky month in Switzerland because of the numerous statutory holidays. But that didn’t prevent the insurer from having a successful May roadshow that took in Zurich and Geneva.
Itinerary tips
Other old hands of the circuit say Swiss portfolio managers appreciate you coming to them – rather than the other way round. Allow time for travel between meetings – and whatever you do, keep strictly to schedule.
Where to eat
In terms of specific locations, the top Geneva hotels are always a sure bet, but Standard Life opted for a lunch at La Buvette des Bains de Plaquis during its trip. This is an open-air restaurant jutting out into the lake, with splendid views.
13. Philadelphia
Active EAUM: $158 bn
Number of institutions with >$1 bn EAUM: 18
It’s not just Philly
The city is a hub for the whole mid-Atlantic region, stretching from Princeton, New Jersey through Delaware to Baltimore, Maryland. Janney Montgomery Scott, the Philadelphia-headquartered sell-side firm, recommends spending a day and a half here.
Who to see
Vanguard is the obvious Philadelphia giant, but as an index specialist it is not a huge draw. Look to BlackRock, Aberdeen Asset Management, Chartwell Investment Partners, Turner Investments, Delaware Investments (in Philadelphia, not Delaware), Glenmede Investment Management and PNC Funds.
Not so buttoned-down
Philadelphia investors used to have a reputation for being staunchly conservative, but Shari Bento, Janney’s director of corporate access, says they’ve evolved toward roll-necks and khakis while moving out of downtown to Main Line suburbs like Berwyn. Now the region is mostly GARP with some large-value accounts sprinkled in.
What’s on
This is both a foodie town and a sports-crazed one, with hockey, football, baseball and basketball in a cluster of arenas. Shawn Southard, NIRI Philadelphia’s president, reminds visitors that nowhere else can they visit landmarks like the Liberty Bell, Constitution Hall and Independence Hall, here in the birthplace of American independence.
14. Baltimore
Active EAUM: $778 bn
Number of institutions with >$1 bn EAUM: 72
Why go?
Few companies anywhere are beyond the orbit of T Rowe Price, Baltimore’s $614 bn mutual fund group, making it the main reason you come to Baltimore. But there’s more: the other legendary Baltimore name is Legg Mason, a global asset management firm with more than $650 bn under management at various affiliates, including around $7 bn at Legg Mason Investment Counsel in Baltimore. The storied Alex Brown & Sons was absorbed by Bankers Trust and then Deutsche Bank in the 1990s, but its spirit lives on in Brown Advisory, with upward of $30 bn under management.
Itinerary tips
A Baltimore roadshow visit should have at least two or three meetings. At T Rowe Price, expect a large group meeting lasting a minimum of an hour and 15 minutes, with multiple portfolio managers and analysts crowding in.
Off the investment track
ISS, the number one proxy advisory firm, is in Rockville, Maryland, part of greater Baltimore. Whether or not you have a contentious proxy issue, a visit to ISS could make for some good pre-emptive relationship building.
Getting around
Baltimore is just two and a quarter hours from New York by train, or an hour from Philadelphia. ‘Every company goes to New York for conferences, but potential new investors don’t always attend them,’ says Bento. ‘When you’re in New York, your next stop should be the mid-Atlantic region.’
15. Montreal
Active EAUM: $258 bn
Number of institutions with >$1 bn EAUM: 19
Why go?
Just an hour’s flight from Boston, New York or Toronto, Montreal deserves a half-day or day at least every other trip, yet very few companies visit. For those that do, it’s worth the small amount of extra effort, says Tim Clark, a director on Barclays’ equity sales team. ‘It’s a nice boutique town with savvy, entrepreneurial investors that stick together,’ he observes. ‘Once you’re in, you’re in.’
Who to see
The Caisse de dépôt et placement du Québec is the big local pension manager with a fundamental GARP strategy. Other must-sees include Jarislowsky Fraser and Letko Brosseau, with value and GARP strategies, and Standard Life, which has growth and value funds.
How to act
‘People shouldn’t fear the French language,’ says Colin Brown, IR manager for CGI Group. ‘Investors are bilingual and no matter where we are in the world, be it Paris or Montreal, they often prefer English when talking about numbers. They prefer terms like EBIT to BAII.’
Itinerary tips
A lot of business takes place in the Golden Mile, an area of old mansions from when Montreal was Canada’s financial capital. The Mount Royal Club and the University Club are good for a group meeting or lunch, Sofitel for a power breakfast, and Cavalli’s for cigar-smoking bankers, waitresses in short skirts and a whiff of Cosa Nostra.
16. Singapore
Active EAUM: $469 bn
Number of institutions with >$1 bn EAUM: 39
Why go?
Not only is Singapore one of the main financial hubs in Asia-Pacific, where many of the region’s big investment conferences take place, but its fund managers also have a lower turnover on average than other Asian money centers, according to NASDAQ OMX Corporate Solutions.
Who to see
Key investors include sovereign wealth funds Temasek and Government of Singapore, as well as regional branches of global investment firms such as Capital, Fidelity, Wellington, UBS Global Asset Management, Eastspring, Aberdeen Asset Management and Schroders.
Travel tips
Investors’ offices are often within walking distance, but it may be more comfortable to travel by car between some meetings in order to cool down.
Where to stay
Ideal locations include the Raffles Hotel, Fullerton Hotel, Ritz-Carlton and Conrad Centennial, as they are up-market and close to large buy-side firms. If you’re there over the weekend, stay at the Marina Bay Sands, a great hotel with an amazing roof-top pool open only to hotel guests.
What to eat
Singapore is renowned for its cuisine, and Alex Lupis, head of corporate access for Asia-Pacific at HSBC, recommends trying the street food.
17. Amsterdam
Active EAUM: $44 bn
Number of institutions with >$1 bn EAUM: 10
Why go?
Amsterdam is home to the world’s oldest stock exchange as well as big banks such as ING. It’s a very institutional market where the big funds also tend to take large positions, says Damien Perry, partner at Phoenix IR. Language is another reason to visit the Netherlands in general, adds Perry – with most people speaking ‘better English than you do’, you’ll have no trouble telling your story.
When to go
Weather-wise, Amsterdam offers an even drizzle of rain across the year. If you want to combine a roadshow with some tulip viewing, travel in April or May when the famous flowers bloom.
Travel tips
Don’t restrict yourself to Amsterdam, advises Perry. Drive – or take the fast, reliable trains – to visit the Hague and Rotterdam on the same day. APG, the country’s largest pension fund, is based a little further afield in Heerlen.
After dark
Dutch cuisine is about more than just cheese and herring. Book ahead for dinner at the tiny Balthazar’s Keuken for an excellent set menu of meat and fish dishes, or try an Indonesian rijsttafel (rice table), which has its roots in the Netherlands’ colonial past.
18. Hong Kong
Active EAUM: $183 bn
Number of institutions with >$1 bn EAUM: 38
Why go?
In a region where equity assets are largely concentrated in just a few financial centers, Hong Kong is a must-visit location. The city serves as a base for major institutional investors like FIL Investment Management and Hang Seng Investment Management.
When to go
The best time to travel is between October and January, when it is cooler, sunny and dry. Summers are very humid, and potentially hazardous typhoons can occur.
What’s on
Celebrations for Chinese New Year at the end of January are known to be spectacular, but business will be difficult to conduct during this festive season. The Hong Kong Sevens rugby tournament, which takes place in March, is also a fun time to be in the city.
Where to eat
The Michelin-starred Caprice and the ever-more popular China Club both come recommended, though they’re not cheap.
After dark
Every evening there is the ‘symphony of lights’, a laser show emitted from the buildings on both sides of the harbor. The best view of Hong Kong, notes local resident Lupis, can be found at Ozone, at the ICC in Kowloon – the highest bar in the world.
19. Denver
Active EAUM: $212 bn
Number of institutions with >$1 bn EAUM: 26
Why go?
Whether your company is small or large cap, Denver has a broad range of investors to target. ‘It can fit any company,’ says Derek Cole, president of Investor Relations Advisory Solutions and a former NIRI chairman.
Who to see
Janus Capital ($160 bn in EAUM) is the all-encompassing fund family; Marsico Capital ($17 bn EAUM) and the Colorado Public Employees’ Retirement Association ($43 bn EAUM) are also obvious stops on the trail.
Travel tips
Denver lacks big investor conferences but nearby resorts like Vail regularly host smaller, C-suite-oriented, one-day or two-day retreats, and with a half-day tacked on you could hit must-sees like Janus and Marsico. A whole day would allow you to see the majority of your Denver targets.
Insider’s tip
Plan meetings for the middle of the week and spend a long weekend on the world-class ski hills just an hour from the city – but follow Cole’s advice and avoid the mountain traffic on Friday, Saturday or Sunday.
After dark
For spectacular views of the Front Range, head to the top-floor Peaks Lounge at the Hyatt Regency. Frasca Food and Wine in Boulder is considered one of the country’s best wine restaurants.
20. Stockholm
Active EAUM: $417 bn
Number of institutions with >$1 bn EAUM: 61
Why go?
Stockholm is a good ‘hub for companies looking for Nordic capital,’ says Katja Margell from Hallvarsson & Halvarsson. You can find established pension funds here, as well as the headquarters of Nordea, Northern Europe’s largest financial services group. The Swedish market is focused in one area of Stockholm, so you can easily take five-minute walks between fund managers and banks.
When to go
Avoid Sweden’s numerous public holidays, plus all of July. ‘Most of Sweden stops in July,’ says Box IR’s Mikael Zillén. People will answer email or phone, he says, ‘but they’re not at their offices, so if you did a roadshow in July you wouldn’t see anybody.’
Who to go with
Big Swedish stockbrokers such as SEB and Handelsbanken are located in the capital, though there are also independent options if you’re planning a roadshow – these include Box IR and Hallvarsson & Halvarsson.
What’s on
Bring your best moves and check out the interactive exhibits at the ABBA Museum, followed by dinner and a cocktail in the art deco bar at Rival – a restaurant, hotel and cinema all housed in what was a 1930s hotel, and owned by Benny from ABBA.
Click here to view destinations 1-10.
