Keeping faith from bust to boom

Merrill Lynch has long been tipped to become the powerhouse in Asian equities. This year's survey of international investors shows that it has reached the summit, ranking first in pan-Asian research and execution. Its large-scale regional presence is paying off as Asian markets recover. And this time the recovery is built on stronger foundations than last year's ill-fated rally, says Marcus Walker. Research by Alexa Marx

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.

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