The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Awards

Awards for Excellence 2003: Best equity house

UBS

It was difficult this year to find a firm that excelled in more than one region enough to justify the best equities house award. Goldman Sachs was close. Its US capital markets franchise is solid, and it has one of the largest, most automated, sales and trading desks. And it rivals UBS in Europe in capital raising. It is weaker on sales and trading, though, and its research platform is not rated highly across enough sectors. In the US especially there is a sense that Goldman's commitment to full-service research has dwindled.


Morgan Stanley was the other strong contender, and won the category in the US this year. It has returned with a vengeance to the equity-linked market, remains a top two prime brokerage house, has one of the better regarded research franchises, and has built an electronic trading platform that is both cost efficient and scalable. Its European trading operations, though, as with Goldman, are much smaller, as is its research platform. What's more, its capital-raising operations in Europe have not been as robust as the firm would like this year, taking hits, for example, on block trades for Repsol and Reckitt Benckiser.


UBS, on the other hand, is the clear leader across all equities in Europe, and wins this year's western European equities award.



You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree