Money managers that acquire European equity research from multiple brokerages prefer to trade through Deutsche Bank; the firm captures first place in Institutional Investor’s inaugural All-Europe Trading Team survey. Morgan Stanley comes in second, followed by BofA Merrill Lynch Global Research in third.

In conjunction with our 2012 All-Europe Research Team survey — in which we asked buy-side analysts and money managers to name Europe’s best equity research teams in 50 industries, countries/regions and macroeconomic disciplines — we requested that respondents rank the brokerage firms they use on the quality of trading services provided and to tell us which firms field the best overall sales forces. (We tallied responses to the latter question to produce the All-Europe Sales Team.) More than 800 investment professionals at some 490 firms that collectively manage roughly $3.9 trillion in European equity assets responded to our question about trading services.

With this triumph on the All-Europe Trading Team, Deutsche Bank scores a hat trick: The German firm also leads this year’s All-Europe Research Team (its second straight No. 1 in that ranking) and the All-Europe Sales Team.

Money managers must consume research from more than one brokerage house, among other eligibility criteria, to participate in our research team survey.

Clients cite “good all-round research product,” “sensible risk....