Since our last poll of investors in Asian equities the region has witnessed a desperate crisis and a surprising upturn. In the course of that cycle, a new pecking order has emerged in regional brokerage. Merrill Lynch persevered during the downturn with what is known as the British style - keeping separate sales and research operations in each country - when most US rivals chose the cheaper method of broking out of Hong Kong and Singapore hubs. Now that demand for Asian equities has returned, Merrill is the investors' favourite.
Adam Quinton, Merrill's head of Asia-Pacific equities research, recalls: "By the third quarter of 1998, the world looked like it was going to come to an end. In that quarter, the most significant thing we did was to retain commitment to our footprint strategy of being present throughout the region. At the time, we were carrying a degree of cost that was...
