Even the best investment research is of little value if it
doesnt make its way into the hands of clients. The task
of delivering research in a timely manner plus answering
logistical questions and arranging meetings between investors
and corporate executives generally is directed by a
firms sales force.
Which banks sales team outperforms all others when it
comes to meeting the myriad needs of research customers? To
find out, Institutional Investor asked participants in the 2011
Latin America Research Team survey to tell us which firm
fields the best overall sales team. In a very close contest,
with less than 1 percentage point separating the top four
firms, Itaú BBA wins the pole position on the Latin
America Sales Team, followed by Morgan Stanley in second place,
BofA Merrill Lynch Global Research in third and Credit Suisse
in fourth. Results are based on responses from 527 buy-side
analysts and money managers at approximately 320 firms that
collectively manage some $409 billion in Latin American assets.
Roughly 80 percent of the people who cast votes in the Latin
America Research Team survey, representing 88 percent of the
participating buy-side institutions, answered our question
about the best sales team in the region.
BofA, Itaú and Morgan Stanley appear in the top
five in each ranking. Portfolio managers credit J.P. Morgan
with providing the best Latin American equities and
fixed-income research, but the firm tumbles to No. 7 in sales.
BofA ties for second in research and takes third in sales;
Morgan Stanley is No. 2 on both teams. The full list of winning
firms on the Latin America Sales Team appears on the right.
Clients are looking for in-depth equity research, for
angles that show a deep understanding of companies and insights
into potential drivers of earnings growth or multiple
expansion, explains Adam Cherry, Itaús New
Yorkbased head of equity sales for institutional
investors in North America. (The firm also has a team based in
London, led by Mark Fenton, that serves clients in Europe, the
Middle East and Asia, and a squad headquartered in São
Paulo, directed by Carlos Maggioli, serving customers across
Latin America.) They are particularly complimentary on
Itaús local edge in our research and sales
Indeed they are. Itaú BBAs sales teams
led by Carlos Maggioli in São Paulo and Adam Cherry in
New York combine very strong local content being
Brazils most active bank and broker with the
global reach of its New York and London desks, observes
one client. Being a Brazil-based portfolio manager, I
manage to get a sense of what global investors are thinking.
Also, they can process vast amounts of information and tailor
it to my needs definitely a top sales team for a top