There is no doubt that the internet has changed the way research is produced, distributed and even written. But instead of rubbish bins piled high with paper reports, fund managers' inboxes are now crammed with e-mails competing for attention. In many ways, the challenge for brokers remains the same regardless of the advances in technology – to make sure the research is read by the right people.

Nigel Cobby, managing director of research marketing for JP Morgan Chase, says: "I do not see the internet as revolutionary but an evolutionary process. In the past, analysts would ring their clients to alert them to a note or report that was just produced. Then we would either fax it or send a bike. Today, we send them an e-mail and so, in one sense, not much has changed."