January 1996
Poll of polls 1995: On top of the world
Which were the world's most successful investment banks last year? Euromoney's unique poll of polls has the answers. The winners: Merrill and SBC Warburg.And a wooden spoon for Goldman Sachs, which slips from first to fourth. By Charles Piggott.
Euromoney's poll of polls proves it: 1995 was the year of the universal bank. The winners in this year's poll - based on a compilation of 70 Euromoney polls and league tables produced during 1995 - werethe banks which merged during the year. The repackaged Merrill Lynch and Smith New Court, Swiss Bank and SG Warburg, and Dresdner Bank and Kleinwort Benson all feature prominently in the ranking.
Merrill Lynch ranks top in the poll after its acquisition of UK brokeragehouse Smith New Court. Merrill has finally made it to the top after two years in second place behind Goldman Sachs. Smith New Court's main contribution to Merrill Lynch's overall score was in equity and economic research, and equity trading.
SBC Warburg comes a close second, following the acquisition by Swiss BankCorporation of SG Warburg. While both SG Warburg and SBC are strong in underwriting (last year SG Warburg ranked seventh in underwriting and SBC eighth) they are less evenly balanced in trading and advisory work. Last year SG Warburg failed to rank in the trading category, while SBC came third. Conversely, SBC failed to rank in the advisory category where SG Warburg ranked third.
The combination of Dresdner and Kleinwort Benson enters the top 20 for the first time. Dresdner on its own scored 73.14, Kleinwort Benson 71.2. The results suggest that the combined Dresdner Kleinwort Benson will be strongerin the primary markets than in the secondary markets, and that Kleinwort Benson will take the leading role in research and advisory work.
UK banks BZW and the HSBC Group rise in the ranking. BZW climbs from 12thto seventh on the strength of gains made in Eurobond syndication and fee-basedadvisory work, while HSBC's investment banking subsidiaries, HSBC Markets,Montagu, Capel and Trinkaus, are beginning to look less fragmented as thegroup moves up from 15th to 10th.
But not all restructurings have had an immediate impact. Efforts by DeutscheBank and Credit Suisse to improve their investment banking subsidiarieshave yet to contribute to their positions in the ranking. CS First Bostonfalls from sixth to ninth overall. Deutsche Morgan Grenfell falls from eighth to 12th following a less successful year in underwriting. But its scoreimproved in other areas: it moved up two places to ninth in trading, andentered the top 20 in the advisory category for the first time.
The big losers in the poll are Lehman Brothers and Goldman Sachs. Lehman falls from fourth to eighth in the overall table and from sixth to 17th in the advisory table. Goldman Sachs, which ranked number one in 1993 and1994, falls to fourth. Staff cuts and defections, which followed mistakes made in the bond market in the spring of 1994, have damaged Goldman's previously high reputation for research and underwriting. Goldman Sachs slips fromfirst to third in trading, second to fourth in underwriting and first tofourth in the advisory category.
Chemical Bank comes just outside the top 20 in 21st place with a score of80.57. Once the merger with Chase Manhattan is completed this spring, the combined bank should make it comfortably into the top 20. A combined score in the present ranking would have placed the merged bank 13th. Other banks just below the top 20 are: Bank of America (total score: 62.44), SociétéGénérale (62.17), PaineWebber (59.32), ING Barings (54.75),Hambros (54.67), Standard Chartered (50.13), Nikko Securities (47.79), Caissedes Dépôts et Consignations (43.39) and CIBC Wood Gundy (39.64).
|
| Poll ofpolls: overall results |
|
|
|
|
|
| Rank |
|
|
|
|
Grand total |
Underwriting |
Trading |
Advisory |
| 95 |
94 |
93 |
|
|
(outof 1,000) |
(out of 400) |
(outof 400) |
(out of 200) |
| 1 |
2 |
2 |
Merrill Lynch/Smith New Court |
United States/United Kingdom |
504.99 |
265.66 |
185.74 |
53.58 |
| 2 |
* |
Ý |
SBC Warburg |
Switzerland/UnitedKingdom |
500.99 |
207.50 |
207.62 |
85.88 |
| 3 |
3 |
5 |
Morgan Stanley |
UnitedStates |
476.90 |
205.44 |
179.71 |
91.75 |
| 4 |
1 |
1 |
Goldman Sachs |
United States |
448.39 |
200.99 |
181.75 |
65.65 |
| 5 |
5 |
3 |
JP Morgan |
United States |
331.36 |
126.28 |
163.64 |
41.44 |
| 6 |
9 |
9 |
Union Bank of Switzerland |
Switzerland |
296.35 |
91.91 |
169.53 |
34.91 |
| 7 |
12 |
11 |
Barclays de Zoete Wedd |
UnitedKingdom |
273.70 |
98.12 |
130.01 |
45.58 |
| 8 |
4 |
12 |
Lehman Brothers |
UnitedStates |
264.54 |
104.50 |
139.31 |
20.73 |
| 9 |
6 |
4 |
CS First Boston |
Switzerland |
244.61 |
133.84 |
91.75 |
19.02 |
| 10 |
15 |
15 |
HSBC Group |
United Kingdom |
225.97 |
77.99 |
114.09 |
33.89 |
| 11 |
10 |
10 |
Citibank |
United States |
212.03 |
33.56 |
101.86 |
76.61 |
| 12 |
8 |
6 |
Deutsche Morgan Grenfell |
Germany |
207.36 |
66.15 |
122.45 |
18.76 |
| 13 |
13 |
13 |
Salomon Brothers |
UnitedStates |
155.80 |
44.97 |
93.81 |
17.02 |
| 14 |
- |
- |
Dresdner/Kleinwort Benson |
Germany/United Kingdom |
144.34 |
92.33 |
25.19 |
26.83 |
| 15 |
18 |
16 |
Paribas |
France |
140.53 |
72.51 |
55.80 |
12.22 |
| 16 |
- |
18 |
ABN Amro |
Netherlands |
134.52 |
66.90 |
63.01 |
4.61 |
| 17 |
16 |
19 |
NatWest Markets |
UnitedKingdom |
125.65 |
16.11 |
85.93 |
23.60 |
| 18 |
14 |
17 |
Chase Manhattan |
UnitedStates |
112.85 |
5.63 |
58.33 |
48.88 |
| 19 |
20 |
- |
Nomura Securities |
Japan |
95.35 |
40.97 |
38.32 |
16.06 |
| 20 |
- |
- |
Industrial Bank of Japan |
Japan |
94.38 |
30.39 |
62.92 |
1.06 |
| *SBC ranked 7 and SG Warburg 11; ÝSG Warburgranked 7 and SBC 8. |
| Pollof polls: underwriting |
|
|
|
|
|
|
|
|
|
Total score |
Overall |
Bonds |
Equities |
MTNs |
ECP |
|
|
|
|
capitalraising |
|
|
|
|
| Weighting |
|
400.00 |
50.00 |
150.00 |
150.00 |
25.00 |
25.00 |
| Rank |
Bank |
|
|
|
|
|
|
| 95 |
94 |
|
|
|
|
|
|
|
| 1 |
1 |
MerrillLynch/Smith New Court |
265.66 |
46.05 |
80.37 |
117.81 |
20.86 |
0.57 |
| 2 |
* |
SBCWarburg |
207.50 |
44.74 |
72.92 |
65.28 |
3.26 |
21.30 |
| 3 |
3 |
MorganStanley |
205.44 |
43.42 |
46.45 |
99.73 |
15.83 |
0.00 |
| 4 |
2 |
GoldmanSachs |
200.99 |
31.58 |
23.95 |
130.33 |
11.45 |
3.69 |
| 5 |
4 |
CSFirst Boston |
133.84 |
27.63 |
52.15 |
49.37 |
1.84 |
2.84 |
| 6 |
10 |
JPMorgan |
126.28 |
50.00 |
47.79 |
16.21 |
8.78 |
3.50 |
| 7 |
5 |
LehmanBrothers |
104.50 |
18.42 |
25.60 |
17.73 |
21.69 |
21.06 |
| 8 |
13 |
Barclaysde Zoete Wedd |
98.12 |
19.74 |
25.20 |
38.14 |
0.31 |
14.74 |
| 9 |
Ý |
Dresdner/Kleinwort Benson |
92.33 |
2.63 |
23.57 |
66.13 |
0.00 |
0.00 |
| 10 |
9 |
UnionBank of Switzerland |
91.91 |
0.00 |
35.59 |
41.40 |
0.08 |
14.84 |
| 11 |
- |
HSBCGroup |
77.99 |
25.00 |
37.77 |
14.18 |
1.05 |
0.00 |
| 12 |
12 |
Paribas |
72.51 |
15.79 |
26.82 |
29.83 |
0.01 |
0.07 |
| 13 |
15 |
ABNAmro |
66.90 |
11.84 |
19.95 |
34.11 |
1.00 |
0.00 |
| 14 |
6 |
DeutscheMorgan Grenfell |
66.15 |
17.11 |
37.26 |
9.20 |
1.12 |
1.47 |
| 15 |
16 |
SalomonBrothers |
44.97 |
5.26 |
8.21 |
23.66 |
6.13 |
1.70 |
| 16 |
11 |
NomuraSecurities |
40.97 |
7.89 |
30.60 |
1.39 |
1.09 |
0.00 |
| 17 |
- |
Citibank |
33.56 |
2.63 |
5.68 |
0.32 |
3.91 |
21.02 |
| 18 |
18 |
CIBCWood Gundy |
32.76 |
9.21 |
19.18 |
3.85 |
0.52 |
0.00 |
| 19 |
14 |
DaiwaSecurities |
32.21 |
0.00 |
26.36 |
2.34 |
3.51 |
0.00 |
| 20 |
19 |
IndustrialBank of Japan |
30.39 |
10.53 |
10.65 |
0.00 |
0.42 |
8.80 |
| *SG Warburg ranked 7 and SBC 8 |
|
|
|
|
|
|
| ÝDresdner ranked 20 |
| Pollof polls: trading |
|
|
|
|
|
|
|
|
|
|
|
Total |
Eurobonds |
Government |
MTNs |
ECP |
Derivatives |
Equities |
Foreign |
|
|
|
score |
|
bonds |
|
|
|
|
exchange |
| Weighting |
|
400.00 |
75.00 |
75.00 |
25.00 |
25.00 |
50.00 |
75.00 |
75.00 |
| Rank |
|
Bank |
|
|
|
|
|
|
|
|
| 95 |
94 |
|
|
|
|
|
|
|
|
|
| 1 |
* |
SBCWarburg |
207.62 |
71.22 |
24.26 |
7.15 |
22.43 |
19.06 |
40.97 |
22.53 |
| 2 |
5 |
MerrillLynch/Smith New Court |
185.74 |
40.21 |
48.59 |
24.11 |
5.03 |
4.90 |
62.92 |
0.00 |
| 3 |
1 |
GoldmanSachs |
181.75 |
25.68 |
67.95 |
22.01 |
18.75 |
2.69 |
37.50 |
7.17 |
| 4 |
8 |
MorganStanley |
179.71 |
47.55 |
43.12 |
22.50 |
4.02 |
5.17 |
57.35 |
0.00 |
| 5 |
7 |
UnionBank of Switzerland |
169.53 |
51.24 |
22.13 |
4.91 |
6.00 |
15.26 |
34.35 |
35.65 |
| 6 |
2 |
JPMorgan |
163.64 |
40.84 |
56.17 |
14.39 |
9.77 |
16.27 |
2.94 |
23.25 |
| 7 |
4 |
LehmanBrothers |
139.31 |
60.72 |
35.77 |
17.82 |
12.84 |
1.45 |
10.71 |
0.00 |
| 8 |
9 |
Barclaysde Zoete Wedd |
130.01 |
51.42 |
21.66 |
3.81 |
13.89 |
8.79 |
11.55 |
18.89 |
| 9 |
11 |
DeutscheMorgan Grenfell |
122.45 |
53.76 |
45.43 |
3.42 |
2.51 |
8.22 |
0.00 |
9.11 |
| 10 |
10 |
HSBCGroup |
114.09 |
24.66 |
25.20 |
2.73 |
2.99 |
4.36 |
12.50 |
41.64 |
| 11 |
6 |
Citibank |
101.86 |
0.00 |
0.00 |
2.26 |
13.29 |
11.30 |
0.00 |
75.00 |
| 12 |
17 |
SalomonBrothers |
93.81 |
27.85 |
42.28 |
13.30 |
5.50 |
0.47 |
4.41 |
0.00 |
| 13 |
16 |
CSFirst Boston |
91.75 |
21.65 |
16.83 |
7.18 |
8.60 |
11.25 |
10.08 |
16.16 |
| 14 |
14 |
NatWestMarkets |
85.93 |
23.54 |
0.00 |
0.96 |
6.88 |
12.52 |
14.29 |
27.74 |
| 15 |
- |
ABNAmro |
63.01 |
0.00 |
28.54 |
2.42 |
2.89 |
3.05 |
12.39 |
13.73 |
| 16 |
- |
IndustrialBank of Japan |
62.92 |
29.81 |
23.01 |
2.72 |
5.01 |
2.38 |
0.00 |
0.00 |
| 17 |
12 |
ChaseManhattan |
58.33 |
0.00 |
0.00 |
2.77 |
2.45 |
4.61 |
0.00 |
48.50 |
| 18 |
20 |
Paribas |
55.80 |
36.05 |
0.00 |
2.05 |
3.42 |
4.58 |
2.94 |
6.76 |
| 19 |
13 |
Chemical |
54.99 |
0.00 |
0.00 |
3.13 |
2.90 |
9.38 |
0.00 |
39.58 |
| 20 |
Ý |
PaineWebber |
51.58 |
48.18 |
0.00 |
1.08 |
2.00 |
0.32 |
0.00 |
0.00 |
| *SBC ranked 3 |
| ÝKidder Peabody ranked 19 |
| Pollof polls: advisory |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
Currency |
European |
Asian |
European |
Emerging |
Risk |
Privatization |
M&A |
|
|
|
score |
research |
economic |
economic |
equity |
market |
management |
|
|
|
|
|
|
|
research |
research |
research |
research |
|
|
|
| Weighting |
|
200.00 |
25.00 |
25.00 |
25.00 |
25.00 |
25.00 |
25.00 |
25.00 |
25.00 |
| Rank |
|
Bank |
|
|
|
|
|
|
|
|
|
| 95 |
94 |
|
|
|
|
|
|
|
|
|
|
| 1 |
2 |
MorganStanley |
91.75 |
2.26 |
20.69 |
17.50 |
17.02 |
0.51 |
2.07 |
11.21 |
20.49 |
| 2 |
* |
SBCWarburg |
85.88 |
13.50 |
23.28 |
2.50 |
25.00 |
3.25 |
7.44 |
5.17 |
5.75 |
| 3 |
12 |
Citibank |
76.61 |
24.89 |
1.72 |
0.00 |
0.00 |
25.00 |
25.00 |
0.00 |
0.00 |
| 4 |
1 |
GoldmanSachs |
65.65 |
6.70 |
18.97 |
0.00 |
6.38 |
1.71 |
2.27 |
12.93 |
16.69 |
| 5 |
4 |
MerrillLynch/Smith New Court |
53.58 |
1.68 |
25.00 |
0.00 |
14.89 |
0.51 |
0.62 |
3.45 |
7.42 |
| 6 |
8 |
ChaseManhattan |
48.88 |
23.92 |
0.00 |
0.00 |
0.00 |
13.18 |
11.78 |
0.00 |
0.00 |
| 7 |
13 |
Barclaysde Zoete Wedd |
45.58 |
4.78 |
7.76 |
20.00 |
6.91 |
4.11 |
1.24 |
0.00 |
0.77 |
| 8 |
5 |
JPMorgan |
41.44 |
12.24 |
7.76 |
0.00 |
1.06 |
4.28 |
6.40 |
0.00 |
9.69 |
| 9- |
- |
UnionBank of Switzerland |
34.91 |
4.45 |
17.24 |
0.00 |
9.57 |
1.37 |
2.27 |
0.00 |
0.00 |
| 10 |
15 |
HSBCGroup |
33.89 |
6.72 |
12.07 |
0.00 |
6.91 |
2.40 |
5.79 |
0.00 |
0.00 |
| 11 |
14 |
Fleming |
28.41 |
0.00 |
0.86 |
25.00 |
0.00 |
0.00 |
0.00 |
0.00 |
2.55 |
| 12 |
10 |
Lazard |
28.07 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
10.34 |
17.73 |
| 13 |
18 |
NMRothschild |
27.71 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
25.00 |
2.71 |
| 14 |
Ý |
ING Barings |
27.39 |
0.00 |
0.00 |
22.50 |
0.00 |
0.34 |
0.41 |
0.00 |
4.13 |
| 15 |
+ |
Dresdner/KleinwortBenson |
26.83 |
0.48 |
4.31 |
0.00 |
4.79 |
0.00 |
0.83 |
15.52 |
0.91 |
| 16 |
- |
NatWestMarkets |
23.60 |
8.46 |
3.45 |
0.00 |
5.32 |
2.57 |
2.69 |
0.00 |
1.12 |
| 17 |
6 |
LehmanBrothers |
20.73 |
1.33 |
5.17 |
0.00 |
1.06 |
0.51 |
0.00 |
0.86 |
11.78 |
| 18 |
- |
Bankof America |
20.06 |
8.52 |
0.00 |
0.00 |
0.00 |
5.14 |
6.40 |
0.00 |
0.00 |
| 19 |
9 |
CSFirst Boston |
19.02 |
1.64 |
0.00 |
0.00 |
0.00 |
0.86 |
0.00 |
0.86 |
15.66 |
| 20 |
- |
DeutscheMorgan Grenfell |
18.76 |
2.87 |
9.48 |
0.00 |
1.06 |
0.86 |
0.00 |
0.00 |
4.49 |
| *SG Warburg ranked 3 |
|
|
|
|
|
|
|
|
|
| ÝBaring ranked 11 |
|
|
|
|
|
|
|
|
|
| +Kleinwort Benson ranked 16 |
|
Methodology
Scores for this year's poll of polls were taken from the following Euromoneypolls and league tables.
Underwriting
Overall capital raising: votes of corporate treasurers for the best bankat raising capital.
Bonds: votes of borrowers for the best overall Eurobond lead manager; votesof heads of Eurobond syndication for the best overall Eurobond lead manager,the best in US dollars, Deutschmarks, yen, sterling, French franc and Canadiandollar Eurobonds; and lead management volume tables for Eurobonds, asset-backedbonds and foreign bonds (source: Euromoney Bondware).
Equities: corporate borrowers' votes on the best lead manager; votes ofheads of equity syndication on the best global co-ordinator, the best atprivatizations, IPOs and secondary offerings; volume tables of internationalglobal co-ordinators and lead managers (source: Euromoney Bondware).
MTNs: borrowers' votes on the best EMTN and US MTN arrangers and the leaguetable of the volume of EMTNs arranged by the banks (source: Euromoney Loanware).
ECP: votes of corporate treasurers for the best ECP arranger and the leaguetable of ECP arrangers (source: Euromoney Loanware).
Trading
Eurobonds: votes of chief bond dealers for best Eurobond trading house.
Government bonds: votes of chief bond dealers for best houses at governmentbond trading.
MTNs: based on borrowers' votes for the best EMTN and US MTN dealers; leaguetable of EMTN dealerships (source: Euromoney Loanware).
Euro-commercial Paper: based on corporate treasurers' votes for the bestECP dealer and the league table of ECP dealers (source: Euromoney Loanware).
Derivatives: 15 categories taken from the users' liability management pollfor currency and interest rate swaps and eight categories taken from thepeers' derivatives poll for interest rate swaps.
Equities: votes of institutional investors for the best investment bankat equity execution and equity syndicate chiefs' views of banks' after-marketsupport of share issues.
Foreign exchange: scores taken from Euromoney's annual poll of corporatetreasurers.
Advisory
Currency research: investors' votes on banks' currency and economic researchtaken from Euromoney's annual foreign exchange poll.
European economic research: investors' votes on banks' European economicresearch taken from Euromoney's European equity research survey.
Asian economic research: votes of investors taken from the Euromoney/AsiamoneyAsian brokers survey.
European equity research: investors' votes on banks' European equity researchtaken from Euromoney's European equity research survey.
Emerging market research: investors' votes on banks' emerging market researchtaken from Euromoney's annual foreign exchange poll.
Risk management: corporate treasurers' votes on banks' risk management advicetaken from Euromoney's annual foreign exchange poll.
Privatization: votes of equity syndicate chiefs on the best advisors forprivatization issues.
M&A: scores taken from league tables of advisors to target and acquiringcompanies (source: Securities Data Company).
NB: All league tables from Euromoney Bondware and Euromoney Loanware arefor the period January 1 1995 to December 7 1995. The league tables of M&Aadvisors are for the period January 1 1995 to December 12 1995.
More information on debt poll of polls (poll of polls)
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