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Skip Navigation LinksHome :: Fixed income research :: Credit research poll 2001: Buyers name the top teams

April 2001

Credit research poll 2001: Buyers name the top teams

by Andrew Newby

Euromoney polled investors at 3,000 investing institutions in 31 countries, asking them to rank the individuals and teams whose credit research they rate most highly. The response was four times that of last year, with nearly 340 firms replying to our questionnaire. The winners were two bulge-bracket US firms and two of the largest European banks.




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Fully 87.6 % of all votes cast in the credit research poll were received from western European countries and 6.4% were cast by north Americans. Some 27.2 % of respondents were resident in the UK, 15.9% in Germany, France (7.8%), Scandinavia (4.9%), Italy (4.6%) and Austria (4.33%). Some 47% of credit investing institutions described themselves as banks or bank affiliates; 23.9% were mutual funds or unit trusts; insurance companies (12.6%); pension funds (8.1%); independent investment advisers (3.9%); brokerage affiliates (2.5%); hedge funds (2%). Readers of the poll results should note that, unfortunately, JP Morgan was omitted from the questionnaire sent out to investors, and therefore does not appear in the poll.

Merrill Lynch topped the overall credit strategy section thanks to banks and mutual funds/unit trusts in the UK (20.9% of those voted for Merrill) and with German mutual funds (9.7% of which voted for Merrill) and banks (8.4%). The firm’s nomination as the best high yield team was due to impressively broad support from virtually all categories of institutional investors in the UK, France, Germany, Belgium and Scandinavia. This enabled Merrill to beat CSFB – also well-supported – to first place.

Morgan Stanley, the best team in investment grade, drew support mainly from UK banks (9.3%) and banks and mutual funds in Spain (9.2%), France (6%) and Germany (6.1%). As with Merrill, it is the broad-based vote from 14 other countries – Cyprus to Finland – that appears to have been decisive.

The closest vote was that for high-yield telco and media. Merrill was in fact rated as best team for this category by fewer people (20) than rated second-place CSFB top team (28 people). But the additional 22 second-place votes and 14 third-place votes pushed Merrill past CSFB, which received only 15 second-place votes and eight third-place votes. This is a pattern that emerges in several categories, where teams in places five to 10 sometimes receive similar if not higher numbers of first-place nominations than analysts with higher rankings overall. [See methodology].

Deutsche’s strengths in the strategy and economics categories seem to lie most emphatically with German institutions (19.4% of them cast votes for Deutsche for economic research), UK banks (17%), Austrian and Belgian banks (9.7 and 4.9% respectively), Finnish pension funds (7.2%) and UK unit trusts (4.8%).

Credit Research Results 2001

Ranking Best Credit Strategy Team Overall Score % of total of all voters who cast a vote for that analyst
1 Merrill Lynch - Crispin Southgate, Chris Garman & Team 350 13.10%
2 CSFB - Evan Kalimtgis & Team 329 12.30%
3 Morgan Stanley Dean Witter - Neil McLeish & Team 324 12.10%
4 Deutsche Bank - Peter Conroy, Walter McGuire & Team 263 9.90%
5 Lehman Bros - David Munves & Team 210 7.90%
6 BNP Paribas - Alan Capper & Team 201 7.50%
7 Goldman Sachs - Varkki Chacko & Team 178 6.70%
8 SSSB - Roberto Fumagalli & Team 138 5.20%
9 Barclays Capital - Gary Jenkins, Jim Reid & Team 128 4.80%
10 ABN Amro - Jeroen Van Den Broek & Team 126 4.70%
11 Dresdner Kleinwort Wasserstein - David Hewitt & Team 113 4.20%
12 UBS Warburg - Derek Brawn & Team 110 4.10%
13 Bear Stearns - Philip Crate, Simon Ballard & Team 84 3.10%
14 HSBC - Karl Bergqwist, Simon Cowie & Team 66 2.50%
15= Royal Bank of Scotland - Paul Stanworth & Team 20 0.70%
15= SocGen - Simon Lawless & Team 20 0.70%
17 SEB - P.Ekegard, T.Jansson & Team 6 0.20%
18 WestLB - Brian Venables & Team 4 0.10%

  Best European Credit Research Team - Investment Grade    
1 Morgan Stanley Dean Witter - Neil McLeish & Team 290 14.80%
2 Deutsche Bank - Anja King, Simon Adamson & Team 224 11.40%
3 Merrill Lynch - Marc Pinto & Team 214 10.90%
4 CSFB - Said Saffari & Team 208 10.60%
5 BNP Paribas - Richard Deutsch & Team 188 9.60%
6 Lehman Bros - John Raymond & Team 131 6.70%
7 SSSB - Thomas Crawley & Team 129 6.60%
8 Goldman Sachs - Donna Halverstadt & C.Mounts/F.Kaiser/P.Griffith 128 6.50%
9 UBS Warburg - Helen Clement & Team 100 5.10%
10 Dresdner Kleinwort Wasserstein - Gerry Rawcliffe & Team 92 4.70%
11 Barclays Capital - Gary Jenkins & Team 84 4.30%
12 HSBC - Karl Bergqwist & Team 71 3.60%
13 Bear Stearns - Philip Crate & Team 66 3.40%
14 SocGen - Benoit Hubaud & Team 13 0.70%
15 Bank of America - Peter Plaut & Team 11 0.60%
16 RBS - Royal Bank of Scotland Team 9 0.50%
17 WestLB - Torstein Jorstad & Team 4 0.20%
18 SEB - P.Ekegard, T.Jansson & Team 2 0.10%

  Best Hi-yield team overall    
1 Merrill Lynch - Frank Knowles & Team 202 16.20%
2 CSFB - Martin Hornbuckle, Ben Booth & Team 196 15.70%
3 Morgan Stanley Dean Witter - Richard Phelan, Bala Ramakrishnan, Angus Rosborough & Team 144 11.60%
4 Deutsche Bank - H.Rodriguez, S. Van Dorp, G.Wiginton, S.Olsen & Team 142 11.40%
5 Lehman Bros - A. Phillips/R. Menzel/T. Howard/D. Sharret & Team 117 9.40%
6 Goldman Sachs - John Fusek & Team 105 8.40%
7 SSSB - Thomas Crawley & Team 95 7.60%
8 UBS Warburg - Pam Friedman & Team 70 5.60%
9 Bear Stearns - Philip Crate & Team 39 3.10%
10= BNP Paribas - BNP Paribas Team 38 3.00%
10= Dresdner Kleinwort Wasserstein - Ray Stotlemyer & Team 38 3.00%
12 Barclays Capital - Clark D. Baker, Samuel P. Grier 33 2.60%
13 RBS - Royal Bank of Scotland Team 9 0.70%
14 CIBC - P.Volpicelli, A.Maclean, A.Neff 8 0.60%
15= ING Barings - Colin Marshall & Team 5 0.40%
15= SocGen - Benoit Hubaud & Team 5 0.40%

  Best Telecoms, Investment-Grade    
1 Deutsche - Anja King & Team 190 11.30%
2 Morgan Stanley Dean Witter - David Meade/Ilona Brom 183 10.90%
3 Lehman Bros - Sarah Martin 177 10.60%
4 CSFB - Andrei Gorodilov, Thierry Guermann 164 9.80%
5 BNP Paribas - Rick Deutsch 162 9.70%
6 Merrill Lynch - Tony Moverley 144 8.60%
7 SSSB - Thomas Crawley & Team 132 7.90%
8 Goldman Sachs - Felix Kaiser & Team 119 7.10%
9 UBS Warburg - Matthew Winch, Philip Olesen 80 4.80%
10 ABN Amro - Stuart Gordon 77 4.60%
11 HSBC - Julia Campbell & Carl Bergqwist 56 3.30%
12 Dresdner Kleinwort Wasserstein - Bradley Bugg 54 3.20%
13 Barclays Capital - Laura Winchester 49 2.90%
14 Bear Stearns - Simon Surtees, Phil Crate 43 2.60%
15 SocGen - Cathia Lawson 15 0.90%
16= ING Barings - Michael Whalon 9 0.50%
16= RBS - Tim Jagger, Chris Saysell 9 0.50%
18 Bank of America - Peter Plaut 8 0.50%
19 WestLB - David Averre 4 0.20%
20 SEB - Francis Dallaire & Team 2 0.10%

  Best Financial team - Investment Grade    
1 Morgan Stanley Dean Witter - Jackie Ronaldson & Team 220 13.00%
2 Deutsche Bank - Simon Adamson, Liz Elton & Team 200 11.80%
3 Merrill Lynch - Marc Pinto & Team 186 11.00%
4 CSFB - Louise Pitt 164 9.70%
5 Lehman Bros - John Raymond, Paul Fenner-Leitao, Pilar Gomez-Bravo 154 9.10%
6 Goldman Sachs - Charles Mounts & Raj Malhotra 137 8.10%
7 BNP Paribas - Ian Centis 109 6.40%
8 UBS Warburg - Bete Muenstermann 88 5.20%
9 ABN Amro - Roberto Bella & Team 86 5.10%
10 Dresdner Kleinwort Wasserstein - Gerry Rawcliffe, Victor Lohle 77 4.50%
11 SSSB - Kathrina Evans 75 4.40%
12 Bear Stearns - Olivier Szwarcberg & Team 57 3.40%
13 Barclays Capital - Larissa Knepper, Anne Rainguez, Rachel Amos 54 3.20%
14 HSBC - Sophie Pradeau 25 1.50%
15 Royal Bank of Scotland - Steve Best, Rob Orman 20 1.20%
16 ING Barings - Nick Dillon & Team 15 0.90%
17 Bank of America - Peter Plaut 11 0.60%
18 WestLB - Darren Sharma, Frank Will & Team 8 0.50%
19 SocGen - Pierre Bergeron, Florence Marion, Robert Montague 7 0.40%

  Best Industrial team - Investment Grade    
1 Deutsche Bank - Andrew Griffiths, Nesche Yazgan, James Maxwell 195 11.90%
2 CSFB - Said Saffari, Misha Weber 175 10.70%
3 SSSB - Bob Buhr, Elena Ciampichetti 173 10.60%
4 Morgan Stanley Dean Witter - Matthew James, I. Brom & Team 161 9.80%
5 Merrill Lynch - Simon Atkinson 154 9.40%
6 Goldman Sachs - Paul Griffith & Tom Mazarakis 133 8.10%
7 BNP Paribas - Vivek Tawadey 123 7.50%
8 Lehman Bros - Mark Wade 109 6.70%
9 UBS Warburg - Michael Gray & Team 79 4.80%
10= ABN Amro - Dia Savant 60 3.70%
10= Bear Stearns - Philip Crate & Team 60 3.70%
12 HSBC - Simon Cowie & Rudolph Ranouil 53 3.20%
13 Dresdner Kleinwort Wasserstein - A.Muthreich, C.Boulanger 51 3.10%
14 Barclays Capital - Jon Scoffin, John Dockery 48 2.90%
15 Royal Bank of Scotland - Tim Jagger, Rob Orman 17 1.00%
16= ING Barings - Julian Tunnicliffe, James Lawrie 15 0.90%
16= SocGen - P.Landroit/S.Mann/J.Lim 15 0.90%
18 Bank of America - Peter Pin 12 0.70%
19 SEB - Torbjorn Jansson & Team 5 0.30%
20 WestLB - T.Jorstad, J.Lawson, S.Maggs 0 0.00%

  Best Utilities team - Investment Grade    
1 Morgan Stanley Dean Witter - Chris Melendes & Team 221 15.20%
2 BNP Paribas - Marc Watton 172 11.80%
3 Merrill Lynch - Elissa Johnson 159 11.00%
4 Deutsche Bank - Anke Richter 140 9.60%
5 CSFB - Patrick Hughes, Orlando Finzi 138 9.50%
6 Goldman Sachs - Felix Kaiser & Team 94 6.50%
7= Barclays Capital - Neil Beddall 73 5.00%
7= SSSB - Michael Ridley 73 5.00%
9 Lehman - Svetlana Sanschagrin 72 5.00%
10 ABN Amro - Michael Charlton, Gary Parker 67 4.60%
11 Dresdner Kleinwort Wasserstein - Joshua Galaun 59 4.10%
12 HSBC - Fran Hutchinson, Rudolph Ranouil 52 3.60%
13 UBS Warburg - Tom Lyons 47 3.20%
14 Bear Stearns - Simon Surtees, Philip Crate 31 2.10%
15 Royal Bank of Scotland - Andrew Burton, Chris Saysell 17 1.20%
16 Bank of America - Michael Dolan 12 0.80%
17 ING Barings - Stephen Oxenbridge 11 0.80%
18 SocGen - Herve Gray 10 0.70%
19 SEB - Ebba Lindahl & Team 4 0.30%

  Best Consumer Team - Investment Grade    
1 Merrill Lynch - Elissa Johnson 161 11.40%
2 Morgan Stanley Dean Witter - Matthew James & Team 147 10.40%
3 CSFB - Heidi Wettenhall, Clark McPherson 146 10.30%
4 SSSB - Elena Ciampichetti, Bob Buhr 142 10.00%
5 Deutsche Bank - James Maxwell 137 9.70%
6 Lehman - Pilar Gomez-Bravo 125 8.80%
7 Goldman Sachs - Paul Griffith, Tom Mazarakis 111 7.80%
8 BNP Paribas - Francois Lauras 95 6.70%
9 UBS Warburg - Eddie Clarke 83 5.90%
10 HSBC - Claudia Hopstein, Karl Bergqwist 64 4.50%
11 ABN Amro - Dia Savant, Richard Morawetz 62 4.40%
12 Barclays Capital - Jon Scoffin, Janice Davidson 47 3.30%
13 Dresdner Kleinwort Wasserstein - A.Muthreich, Clark McPherson 40 2.80%
14 Bear Stearns - Stephanie Underhill, Simon Surtees 28 2.00%
15 Royal Bank of Scotland - Steve Best, Rob Orman 16 1.10%
16 SocGen - Julian Lim 9 0.60%
17 West LB - T.Jorstad, R.Adesina 4 0.30%

  Best Public Team - Investment Grade    
1 Deutsche Bank - Anke Richter 209 18.80%
2 CSFB - Said Saffari, Guido Versondert 158 14.20%
3 Morgan Stanley Dean Witter - Ehsun Khan, Steve Dulake 131 11.80%
4 Merrill Lynch - Jeffrey Spencer 113 10.10%
5 Dresdner Kleinwort Wasserstein - Birgit Specht, A. Wehmeier 101 9.10%
6 ABN Amro - Richard Morawetz 85 7.60%
7 Lehman - Kaushik Rudra 70 6.30%
8 SSSB - Christopher Kelly 69 6.20%
9 UBS Warburg - Tsering Kyisum 64 5.70%
10 Barclays Capital - George Johnston 60 5.40%
11 ING Barings - John Marshall 33 3.00%
12 Royal Bank of Scotland - Steve Best, Rob Orman 21 1.90%

  Best Telco/Media Team - Hi-Yield    
1 Merrill Lynch - Frank Knowles & Team 174 15.30%
2 CSFB Martin Hornbuckle, Oleksiy Soroka, Paul Janowitz 173 15.20%
3 Morgan Stanley Dean Witter - Bala Ramakrishnan & Team 128 11.20%
4 Deutsche Bank - Helen Rodriguez, Geoffrey Wiginton, Sonia Van Dorp 123 10.80%
5 SSSB - Thomas Crawley, Kay Turner 92 8.10%
6 Lehman Bros - David Sharret 88 7.70%
7 Goldman Sachs - Parisa Vakili, John Fusek, Jan Lernout 80 7.00%
8 UBS Warburg - Pam Friedman & Team 68 6.00%
9 BNP Paribas - Aizaz Shaikh 42 3.70%
10 Bear Stearns - Barry Murphy 39 3.40%
11 Barclays Capital - Andrew E.Jenkins, James-Scott Wong 31 2.70%
12 ABN Amro - Mikkel Hofstee, Stuart Gordon 30 2.60%
13 Dresdner Kleinwort Wasserstein - J.Pearce, L.Jassur, K.Kirby 29 2.50%
14 ING Barings - Colin Marshall 16 1.40%
15 Royal Bank of Scotland - Martin Carlisle 11 1.00%
16 CIBC - A.Neff, A.Mehra & M.Weinberg 8 0.70%
17 SocGen - Anders Persson 7 0.60%

  Best Industrials team - Hi-yield    
1 Merrill Lynch - Beth Fusco, Sarah Percy-Dove & Team 160 15.90%
2 CSFB - Ben Booth, Mike Sonenshine 158 15.70%
3 Deutsche Bank - Sven Olson, Sonia Van Dorp 127 12.60%
4 Morgan Stanley Dean Witter - Richard Phelan & Team 121 12.10%
5 Goldman Sachs - Peter Morris, Pradeep Mohinani & Team 97 9.70%
6 SSSB - David Newman, Cathy Braganza 84 8.40%
7 Lehman Bros - Robin Menzel, Tom Howard & Team 77 7.70%
8 Dresdner Kleinwort Wasserstein - R.Stotlemyer, R.Mareachealee 36 3.60%
9 BNP Paribas - Antonio Carballo 33 3.30%
10 Barclays Capital - Robert Jones 30 3.00%
11 UBS Warburg - Marcus Strub & Team 29 2.90%
12 Bear Stearns - James Ravine, Matthew Little 23 2.30%
13 Bank of America - Dan Persur 13 1.30%
14= CIBC - P.Volpicelli, A.Maclean & Team 8 0.80%
14= Royal Bank of Scotland - Brian Pearce 8 0.80%

  Best Consumer team - Hi-yield    
1 Deutsche Bank - Sonia Van Dorp & Team 142 15.80%
2 CSFB - Ben Booth 138 15.40%
3 Merrill Lynch - Sarah Percy-Dove, Erlend Lochen 128 14.20%
4 Morgan Stanley Dean Witter - Angus Rosborough 111 12.30%
5 Goldman Sachs - Caroline Brown, Kirsty Jenkinson 103 11.50%
6 Lehman Bros - Tom Howard & Team 66 7.30%
7 UBS Warburg - Marcus Strub & Team 57 6.30%
8 Barclays Capital - Gary F. Albanese 51 5.70%
9 Bear Stearns - James Ravine 36 4.00%
10 Dresdner Kleinwort Wasserstein - R.Stotlemyer, R.Mareachealee 27 3.00%
11 ING Barings - Ian Harris 15 1.70%
12 Royal Bank of Scotland - Brian Pearce 14 1.60%
13 CIBC - P.Volpicelli, A.Maclean & Team 11 1.20%

  Best European Emerging Mkts Team    
1 CSFB - Kasper Bartholdy, Said Saffari, Kay C. Hope 211 17.80%
2 Deutsche Bank - Jonathan Bayliss, Marcel Cassard 207 17.40%
3 Morgan Stanley Dean Witter - Eric Fine & Team 159 13.40%
4 Merrill Lynch - Andrew Kenningham & Team 135 11.40%
5 UBS Warburg - Alex Garrard 110 9.30%
6 Goldman Sachs - Fan Jiang & Team 95 8.00%
7 Dresdner Kleinwort Wasserstein - Neil Dougall & Team 85 7.20%
8 Lehman Bros - Kaushik Rudra, Robert McAdie 75 6.30%
9 HSBC - David Lubin 52 4.40%
10 Barclays Capital - Jake Moore 37 3.10%
11 WestLB - Steve Cook, John Bates 21 1.80%

  Best Asset-backed team    
1 Merrill Lynch - Alex Batcharov & Team 254 17.10%
2 Morgan Stanley Dean Witter - Charles Schorin & Team 241 16.30%
3 CSFB - Eve Flotron 183 12.30%
4 Deutsche Bank - Markus Herrmann 179 12.10%
5 Dresdner Kleinwort Wasserstein - Birgit Specht, Sophia Dauntze 126 8.50%
6 Lehman Bros - Sunita Ganapati 104 7.00%
7 Goldman Sachs - GS Team 103 7.00%
8= Barclays Capital - Will Lloyd 86 5.80%
8= UBS Warburg - Ralph Gasser 86 5.80%
10 SSSB - Shaker Sundram 85 5.70%
11 Royal Bank of Scotland - Andrew Burton, Chris Saysell 35 2.40%

  Best Provider of Indices    
1 Merrill Lynch - Phil Galdi, Preston Peacock & Team 486 26.50%
2 Lehman Bros - Ravin Onakan, Neil Wardley & Team 350 19.10%
3 Morgan Stanley Dean Witter - Susan Ladd & Team 244 13.30%
4 SSSB - Richard Pagan 228 12.40%
5 CSFB - Baldwin Smith, Elizabeth Bram 124 6.80%
6 Goldman Sachs - V.Chacko & Team 92 5.00%
7 Deutsche Bank - Fergus Lynch 86 4.70%
8 UBS Warburg - J O'Mahony, T.Morris 75 4.10%
9 Dresdner Kleinwort Wasserstein - Joerg Boche & Team 63 3.40%
10 Barclays Capital - Will Lloyd 38 2.10%
11 HSBC - Karl Bergqwist & Team 29 1.60%
12 Bear Stearns - Anant Patel 21 1.10%

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1 Deutsche Bank 286 13.20%
2 Morgan Stanley 220 10.10%
3 CSFB 207 9.50%
4 Merrill Lynch 191 8.80%
5 JP Morgan 190 8.70%
6 Goldman Sachs <FONT face=arial