Credit research poll 2001: Buyers name the top teams

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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

RankingBest Credit Strategy Team OverallScore% of total of all voters who cast a vote for that analyst
1Merrill Lynch - Crispin Southgate, Chris Garman & Team35013.10%
2CSFB - Evan Kalimtgis & Team32912.30%
3Morgan Stanley Dean Witter - Neil McLeish & Team32412.10%
4Deutsche Bank - Peter Conroy, Walter McGuire & Team2639.90%
5Lehman Bros - David Munves & Team2107.90%
6BNP Paribas - Alan Capper & Team2017.50%
7Goldman Sachs - Varkki Chacko & Team1786.70%
8SSSB - Roberto Fumagalli & Team1385.20%
9Barclays Capital - Gary Jenkins, Jim Reid & Team1284.80%
10ABN Amro - Jeroen Van Den Broek & Team1264.70%
11Dresdner Kleinwort Wasserstein - David Hewitt & Team1134.20%
12UBS Warburg - Derek Brawn & Team1104.10%
13Bear Stearns - Philip Crate, Simon Ballard & Team843.10%
14HSBC - Karl Bergqwist, Simon Cowie & Team662.50%
15=Royal Bank of Scotland - Paul Stanworth & Team200.70%
15=SocGen - Simon Lawless & Team200.70%
17SEB - P.Ekegard, T.Jansson & Team60.20%
18WestLB - Brian Venables & Team40.10%

 Best European Credit Research Team - Investment Grade  
1Morgan Stanley Dean Witter - Neil McLeish & Team29014.80%
2Deutsche Bank - Anja King, Simon Adamson & Team22411.40%
3Merrill Lynch - Marc Pinto & Team21410.90%
4CSFB - Said Saffari & Team20810.60%
5BNP Paribas - Richard Deutsch & Team1889.60%
6Lehman Bros - John Raymond & Team1316.70%
7SSSB - Thomas Crawley & Team1296.60%
8Goldman Sachs - Donna Halverstadt & C.Mounts/F.Kaiser/P.Griffith 1286.50%
9UBS Warburg - Helen Clement & Team1005.10%
10Dresdner Kleinwort Wasserstein - Gerry Rawcliffe & Team924.70%
11Barclays Capital - Gary Jenkins & Team844.30%
12HSBC - Karl Bergqwist & Team713.60%
13Bear Stearns - Philip Crate & Team663.40%
14SocGen - Benoit Hubaud & Team130.70%
15Bank of America - Peter Plaut & Team110.60%
16RBS - Royal Bank of Scotland Team90.50%
17WestLB - Torstein Jorstad & Team40.20%
18SEB - P.Ekegard, T.Jansson & Team20.10%

 Best Hi-yield team overall  
1Merrill Lynch - Frank Knowles & Team20216.20%
2CSFB - Martin Hornbuckle, Ben Booth & Team19615.70%
3Morgan Stanley Dean Witter - Richard Phelan, Bala Ramakrishnan, Angus Rosborough & Team14411.60%
4Deutsche Bank - H.Rodriguez, S. Van Dorp, G.Wiginton, S.Olsen & Team14211.40%
5Lehman Bros - A. Phillips/R. Menzel/T. Howard/D. Sharret & Team1179.40%
6Goldman Sachs - John Fusek & Team1058.40%
7SSSB - Thomas Crawley & Team957.60%
8UBS Warburg - Pam Friedman & Team705.60%
9Bear Stearns - Philip Crate & Team393.10%
10=BNP Paribas - BNP Paribas Team383.00%
10=Dresdner Kleinwort Wasserstein - Ray Stotlemyer & Team383.00%
12Barclays Capital - Clark D. Baker, Samuel P. Grier332.60%
13RBS - Royal Bank of Scotland Team90.70%
14CIBC - P.Volpicelli, A.Maclean, A.Neff80.60%
15=ING Barings - Colin Marshall & Team50.40%
15=SocGen - Benoit Hubaud & Team50.40%

 Best Telecoms, Investment-Grade  
1Deutsche - Anja King & Team19011.30%
2Morgan Stanley Dean Witter - David Meade/Ilona Brom18310.90%
3Lehman Bros - Sarah Martin17710.60%
4CSFB - Andrei Gorodilov, Thierry Guermann1649.80%
5BNP Paribas - Rick Deutsch1629.70%
6Merrill Lynch - Tony Moverley1448.60%
7SSSB - Thomas Crawley & Team1327.90%
8Goldman Sachs - Felix Kaiser & Team1197.10%
9UBS Warburg - Matthew Winch, Philip Olesen804.80%
10ABN Amro - Stuart Gordon774.60%
11HSBC - Julia Campbell & Carl Bergqwist563.30%
12Dresdner Kleinwort Wasserstein - Bradley Bugg543.20%
13Barclays Capital - Laura Winchester492.90%
14Bear Stearns - Simon Surtees, Phil Crate432.60%
15SocGen - Cathia Lawson150.90%
16=ING Barings - Michael Whalon90.50%
16=RBS - Tim Jagger, Chris Saysell90.50%
18Bank of America - Peter Plaut80.50%
19WestLB - David Averre40.20%
20SEB - Francis Dallaire & Team20.10%

 Best Financial team - Investment Grade  
1Morgan Stanley Dean Witter - Jackie Ronaldson & Team22013.00%
2Deutsche Bank - Simon Adamson, Liz Elton & Team20011.80%
3Merrill Lynch - Marc Pinto & Team18611.00%
4CSFB - Louise Pitt1649.70%
5Lehman Bros - John Raymond, Paul Fenner-Leitao, Pilar Gomez-Bravo 1549.10%
6Goldman Sachs - Charles Mounts & Raj Malhotra1378.10%
7BNP Paribas - Ian Centis1096.40%
8UBS Warburg - Bete Muenstermann885.20%
9ABN Amro - Roberto Bella & Team865.10%
10Dresdner Kleinwort Wasserstein - Gerry Rawcliffe, Victor Lohle774.50%
11SSSB - Kathrina Evans754.40%
12Bear Stearns - Olivier Szwarcberg & Team573.40%
13Barclays Capital - Larissa Knepper, Anne Rainguez, Rachel Amos543.20%
14HSBC - Sophie Pradeau251.50%
15Royal Bank of Scotland - Steve Best, Rob Orman201.20%
16ING Barings - Nick Dillon & Team150.90%
17Bank of America - Peter Plaut110.60%
18WestLB - Darren Sharma, Frank Will & Team80.50%
19SocGen - Pierre Bergeron, Florence Marion, Robert Montague70.40%

 Best Industrial team - Investment Grade  
1Deutsche Bank - Andrew Griffiths, Nesche Yazgan, James Maxwell19511.90%
2CSFB - Said Saffari, Misha Weber17510.70%
3SSSB - Bob Buhr, Elena Ciampichetti17310.60%
4Morgan Stanley Dean Witter - Matthew James, I. Brom & Team1619.80%
5Merrill Lynch - Simon Atkinson1549.40%
6Goldman Sachs - Paul Griffith & Tom Mazarakis1338.10%
7BNP Paribas - Vivek Tawadey1237.50%
8Lehman Bros - Mark Wade1096.70%
9UBS Warburg - Michael Gray & Team794.80%
10=ABN Amro - Dia Savant603.70%
10=Bear Stearns - Philip Crate & Team603.70%
12HSBC - Simon Cowie & Rudolph Ranouil533.20%
13Dresdner Kleinwort Wasserstein - A.Muthreich, C.Boulanger513.10%
14Barclays Capital - Jon Scoffin, John Dockery482.90%
15Royal Bank of Scotland - Tim Jagger, Rob Orman171.00%
16=ING Barings - Julian Tunnicliffe, James Lawrie 150.90%
16=SocGen - P.Landroit/S.Mann/J.Lim150.90%
18Bank of America - Peter Pin120.70%
19SEB - Torbjorn Jansson & Team50.30%
20WestLB - T.Jorstad, J.Lawson, S.Maggs00.00%

 Best Utilities team - Investment Grade  
1Morgan Stanley Dean Witter - Chris Melendes & Team22115.20%
2BNP Paribas - Marc Watton17211.80%
3Merrill Lynch - Elissa Johnson15911.00%
4Deutsche Bank - Anke Richter1409.60%
5CSFB - Patrick Hughes, Orlando Finzi1389.50%
6Goldman Sachs - Felix Kaiser & Team946.50%
7=Barclays Capital - Neil Beddall735.00%
7=SSSB - Michael Ridley735.00%
9Lehman - Svetlana Sanschagrin725.00%
10ABN Amro - Michael Charlton, Gary Parker674.60%
11Dresdner Kleinwort Wasserstein - Joshua Galaun594.10%
12HSBC - Fran Hutchinson, Rudolph Ranouil523.60%
13UBS Warburg - Tom Lyons473.20%
14Bear Stearns - Simon Surtees, Philip Crate312.10%
15Royal Bank of Scotland - Andrew Burton, Chris Saysell171.20%
16Bank of America - Michael Dolan120.80%
17ING Barings - Stephen Oxenbridge110.80%
18SocGen - Herve Gray100.70%
19SEB - Ebba Lindahl & Team40.30%

 Best Consumer Team - Investment Grade  
1Merrill Lynch - Elissa Johnson16111.40%
2Morgan Stanley Dean Witter - Matthew James & Team14710.40%
3CSFB - Heidi Wettenhall, Clark McPherson14610.30%
4SSSB - Elena Ciampichetti, Bob Buhr14210.00%
5Deutsche Bank - James Maxwell 1379.70%
6Lehman - Pilar Gomez-Bravo1258.80%
7Goldman Sachs - Paul Griffith, Tom Mazarakis1117.80%
8BNP Paribas - Francois Lauras956.70%
9UBS Warburg - Eddie Clarke835.90%
10HSBC - Claudia Hopstein, Karl Bergqwist644.50%
11ABN Amro - Dia Savant, Richard Morawetz624.40%
12Barclays Capital - Jon Scoffin, Janice Davidson473.30%
13Dresdner Kleinwort Wasserstein - A.Muthreich, Clark McPherson402.80%
14Bear Stearns - Stephanie Underhill, Simon Surtees282.00%
15Royal Bank of Scotland - Steve Best, Rob Orman161.10%
16SocGen - Julian Lim90.60%
17West LB - T.Jorstad, R.Adesina40.30%

 Best Public Team - Investment Grade  
1Deutsche Bank - Anke Richter20918.80%
2CSFB - Said Saffari, Guido Versondert15814.20%
3Morgan Stanley Dean Witter - Ehsun Khan, Steve Dulake13111.80%
4Merrill Lynch - Jeffrey Spencer11310.10%
5Dresdner Kleinwort Wasserstein - Birgit Specht, A. Wehmeier1019.10%
6ABN Amro - Richard Morawetz857.60%
7Lehman - Kaushik Rudra706.30%
8SSSB - Christopher Kelly696.20%
9UBS Warburg - Tsering Kyisum645.70%
10Barclays Capital - George Johnston605.40%
11ING Barings - John Marshall333.00%
12Royal Bank of Scotland - Steve Best, Rob Orman211.90%

 Best Telco/Media Team - Hi-Yield  
1Merrill Lynch - Frank Knowles & Team17415.30%
2CSFB Martin Hornbuckle, Oleksiy Soroka, Paul Janowitz17315.20%
3Morgan Stanley Dean Witter - Bala Ramakrishnan & Team12811.20%
4Deutsche Bank - Helen Rodriguez, Geoffrey Wiginton, Sonia Van Dorp12310.80%
5SSSB - Thomas Crawley, Kay Turner928.10%
6Lehman Bros - David Sharret887.70%
7Goldman Sachs - Parisa Vakili, John Fusek, Jan Lernout807.00%
8UBS Warburg - Pam Friedman & Team686.00%
9BNP Paribas - Aizaz Shaikh423.70%
10Bear Stearns - Barry Murphy393.40%
11Barclays Capital - Andrew E.Jenkins, James-Scott Wong312.70%
12ABN Amro - Mikkel Hofstee, Stuart Gordon302.60%
13Dresdner Kleinwort Wasserstein - J.Pearce, L.Jassur, K.Kirby292.50%
14ING Barings - Colin Marshall161.40%
15Royal Bank of Scotland - Martin Carlisle111.00%
16CIBC - A.Neff, A.Mehra & M.Weinberg80.70%
17SocGen - Anders Persson70.60%

 Best Industrials team - Hi-yield  
1Merrill Lynch - Beth Fusco, Sarah Percy-Dove & Team16015.90%
2CSFB - Ben Booth, Mike Sonenshine15815.70%
3Deutsche Bank - Sven Olson, Sonia Van Dorp12712.60%
4Morgan Stanley Dean Witter - Richard Phelan & Team12112.10%
5Goldman Sachs - Peter Morris, Pradeep Mohinani & Team979.70%
6SSSB - David Newman, Cathy Braganza848.40%
7Lehman Bros - Robin Menzel, Tom Howard & Team777.70%
8Dresdner Kleinwort Wasserstein - R.Stotlemyer, R.Mareachealee363.60%
9BNP Paribas - Antonio Carballo333.30%
10Barclays Capital - Robert Jones303.00%
11UBS Warburg - Marcus Strub & Team292.90%
12Bear Stearns - James Ravine, Matthew Little232.30%
13Bank of America - Dan Persur131.30%
14=CIBC - P.Volpicelli, A.Maclean & Team80.80%
14=Royal Bank of Scotland - Brian Pearce80.80%

 Best Consumer team - Hi-yield  
1Deutsche Bank - Sonia Van Dorp & Team14215.80%
2CSFB - Ben Booth13815.40%
3Merrill Lynch - Sarah Percy-Dove, Erlend Lochen12814.20%
4Morgan Stanley Dean Witter - Angus Rosborough11112.30%
5Goldman Sachs - Caroline Brown, Kirsty Jenkinson10311.50%
6Lehman Bros - Tom Howard & Team667.30%
7UBS Warburg - Marcus Strub & Team576.30%
8Barclays Capital - Gary F. Albanese515.70%
9Bear Stearns - James Ravine364.00%
10Dresdner Kleinwort Wasserstein - R.Stotlemyer, R.Mareachealee273.00%
11ING Barings - Ian Harris151.70%
12Royal Bank of Scotland - Brian Pearce141.60%
13CIBC - P.Volpicelli, A.Maclean & Team111.20%

 Best European Emerging Mkts Team  
1CSFB - Kasper Bartholdy, Said Saffari, Kay C. Hope21117.80%
2Deutsche Bank - Jonathan Bayliss, Marcel Cassard20717.40%
3Morgan Stanley Dean Witter - Eric Fine & Team15913.40%
4Merrill Lynch - Andrew Kenningham & Team13511.40%
5UBS Warburg - Alex Garrard1109.30%
6Goldman Sachs - Fan Jiang & Team 958.00%
7Dresdner Kleinwort Wasserstein - Neil Dougall & Team857.20%
8Lehman Bros - Kaushik Rudra, Robert McAdie756.30%
9HSBC - David Lubin524.40%
10Barclays Capital - Jake Moore373.10%
11WestLB - Steve Cook, John Bates211.80%

 Best Asset-backed team  
1Merrill Lynch - Alex Batcharov & Team25417.10%
2Morgan Stanley Dean Witter - Charles Schorin & Team24116.30%
3CSFB - Eve Flotron18312.30%
4Deutsche Bank - Markus Herrmann17912.10%
5Dresdner Kleinwort Wasserstein - Birgit Specht, Sophia Dauntze1268.50%
6Lehman Bros - Sunita Ganapati1047.00%
7Goldman Sachs - GS Team1037.00%
8=Barclays Capital - Will Lloyd865.80%
8=UBS Warburg - Ralph Gasser865.80%
10SSSB - Shaker Sundram855.70%
11Royal Bank of Scotland - Andrew Burton, Chris Saysell352.40%

 Best Provider of Indices  
1Merrill Lynch - Phil Galdi, Preston Peacock & Team48626.50%
2Lehman Bros - Ravin Onakan, Neil Wardley & Team35019.10%
3Morgan Stanley Dean Witter - Susan Ladd & Team24413.30%
4SSSB - Richard Pagan22812.40%
5CSFB - Baldwin Smith, Elizabeth Bram1246.80%
6Goldman Sachs - V.Chacko & Team925.00%
7Deutsche Bank - Fergus Lynch864.70%
8UBS Warburg - J O'Mahony, T.Morris754.10%
9Dresdner Kleinwort Wasserstein - Joerg Boche & Team633.40%
10Barclays Capital - Will Lloyd 382.10%
11HSBC - Karl Bergqwist & Team291.60%
12Bear Stearns - Anant Patel211.10%


 Best European Economic Research  
1Deutsche Bank28613.20%
2Morgan Stanley22010.10%
3CSFB2079.50%
4Merrill Lynch1918.80%
5JP Morgan1908.70%
6Goldman Sachs<FONT face=arial