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BANKING

Poll of polls 1999: Turn over at the top

This year's poll of polls reveals a shuffling of the pack among the leading firms in the capital raising, trading, advisory and risk management worlds. A synthesis of all polls run by Euromoney in 1999 evaluates those firms which have real strength across the board.

A new pecking order emerges in this year's definitive guide to the top-flight in finance. Deutsche Bank heads up the rankings, boosted by its acquisition-based charge into investment banking. Its $10 billion purchase of Bankers Trust, completed in June, continues the refocusing on corporate and institutional clients (GCI) that contributed over half of Deutsche's six month profits in the year to June. The bank is particularly strong in trading debt, derivatives and currencies. Weaknesses remain in equity research, Asian equity and M&A - areas in which second rankedMerrill Lynch still tops or is near the top of the league tables. After recent traumas Merrill has improved its debt underwriting score but is still let down by its lack of presence in the European short-term paper market and in risk management.

Morgan Stanley Dean Witter has climbed in the overall rankings thanks largely to its role as second most active underwriter for international bond and equity issues this year. Its advisory ranking was boosted by much better credit research and M&A scores. Warburg Dillon Read has disappointed this year, with scores falling most dramatically in ECP and equity underwriting, equity and foreign exchange trading, risk management and credit research.

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