For BNY Jaywalk, a subsidiary of the Bank of New York, the recent move from its midtown Manhattan location to the bank's storied offices at One Wall Street was more than a validation of the division's enhanced importance at the bank. Jaywalk's newfound prestige speaks to the growing importance of an entire industry.

Two years ago, Jaywalk sold the research of 15 independent research shops. Today, the industry has grown so large that the research of about 180 indies flows through its doors.

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