Welcome to our Independent Investment Research website.
Independent Investment Research LLC ( CRD# 299837 ) (“IIR”) is headquartered in Denver, United States – also holds a Australian Financial Services Licensee (AFSL no. 410381) in Australia.
IIR specialises in providing high quality commissioned equities and funds research. IIR was established in 2004 to provide investment research to the investment industry including both issuers, Wealth Management firms and Institutional firms.
IIR provides customers and subscribers an unparalleled research website that covers listed and unlisted managed investments, resource companies, structured related products, and IPO’s.
IIR takes great pride on the quality and independence of the research analysis, underpinned by the high calibre staff and transparent research methodology.
IIR does not participate in dealing in securities, investor relations and corporate advisory services. IIR only provides research services to issuers, wealth managers and institutional clients.
What is different about IIR research?
- Quality Analysts
- Informed Opinion
- Freedom from corporate bias
- Freedom from trading bias
Independence of research analysts
Research analysts are not directly supervised by personnel from other areas of the Firm whose interests or functions may conflict with those of the research analysts.
The evaluation and appraisal of research analysts for purposes of career advancement, remuneration and promotion is structured so that non-research personnel do not exert inappropriate influence over analysts.
Supervision and reporting lines: Analysts who publish research reports are supervised by, and report to, Research Management. Research analysts do not report to, and are not supervised by, any sales personnel nor do they have dealings with Sales personnel.
Evaluation and remuneration:
- Independence - activities of analysts
- IIR restricts research analysts from performing roles that could prejudice, or appear to prejudice, the independence of their research.
- Pitches: Research analysts are not permitted to participate in sales pitches for corporate mandates on behalf of a Broker and are not permitted to prepare or review materials for those pitches. Pitch materials by investor clients may not contain the promise of research coverage by IIR.
- No promotion of issuers’ transactions: Research analysts may not be involved in promotional or marketing activities of an issuer of a relevant investment that would reasonably be construed as representing the issuer. For this reason, analysts are not permitted to attend “road show” presentations by issuers that are corporate clients of the Firm relating to offerings of securities or any other investment banking transaction from that our clients may undertake from time to time. Analysts may, however, observe road shows remotely, without asking questions, by video link or telephone in order to help ensure that they have access to the same information as their investor clients.
- Widely-attended conferences: Analysts are permitted to attend and speak at widely-attended conferences at which our firm has been invited to present our views. These widely-attended conferences may include investor presentations by corporate clients of the Firm.
- Other permitted activities: Analysts may be consulted by Firm sales personnel on matters such as market and industry trends, conditions and developments and the structuring, pricing and expected market reception of securities offerings or other market operations. Analysts may also carry out preliminary due diligence and vetting of issuers that may be prospective research clients of ours.
Inducements and inappropriate influences
IIR prohibits research analysts from soliciting or receiving any inducement in respect of their publication of research and restricts certain communications between research analysts and personnel from other business areas within the Firm including management, which might be perceived to result in inappropriate influence on analysts’ views.
Remuneration and other benefits: IIR procedures prohibit analysts from accepting any remuneration or other benefit from an issuer or any other party in respect of the publication of research and from offering or accepting any inducement (including the selective disclosure by an issuer of material information not generally available) for the publication of favourable research. These restrictions do not preclude the acceptance of reasonable hospitality in accordance with the Firm’s general policies on entertainment, gifts and corporate hospitality.
IIR has developed a framework for reviewing investment product offerings in both USA and Australia. The review process considers a broad range of qualitative and quantitative factors.
The factors to be considered include product management, underlying product construction, investment management, team stability, experience and performance, fees, risks, and likely outcomes.
Mandatory Protocols for Commissioned Research Reports
The research process includes the following protocols to ensure independence is maintained at all times:
1. The research process has complete editorial independence from the company and this is included in the contract with the company;
2. Our analyst has independence from the firm’s management, as in, management/ sales team cannot influence the research in any way;
3. Our research does not provide a recommendation, in that, we do not provide a “Buy, Sell or Hold” on any stocks. This is left to the Adviser who knows their client and the individual portfolio of the client.
4. Our research process for valuation is usually more conservative than what is adopted in Sell Side/ Broking firms in general sense. Our firm has a conservative bias on assumptions provided by management as compared to Sell Side firms.
5. All research mandates are settled upfront so as to remove any influence on ultimate report conclusion;
6. All staff are not allowed to trade in any stock or accept stock options before, during and after the research process. There is a general prohibition in participating in the stock where the analyst has been assigned to the research study.
IIR publishes all research reports commissioned by clients on this website. The access to the website is via username and password, and acceptance of the disclaimer.
All reports will remain on the website, and be available via a tab selection. However IIR reserves the right to withdraw a report at any time from the website, should there be a requirement to do so.
IIR does undertake any corporate activity including in any dealings on capital raisings. However IIR has an established network of brokers and advisors who seek and rely upon the research published.
The Review Process
IIR has developed a framework for reviewing investment product offerings. The review process considers a broad range of qualitative and quantitative factors. The factors to be considered include product management, underlying product construction, investment management, team stability, experience and performance, fees, risks and likely outcomes.
IIR reserves the right to withdraw a report at any time from the website, should there be a requirement to do so.