The 2016 Emerging EMEA Research Team


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Bank of America Merrill Lynch Tops 2016 Emerging EMEA Research Team

Bank of America Merrill Lynch extends its winning streak on the Emerging Europe, Middle East & Africa Research Team, Institutional Investor’s exclusive annual ranking of the region’s best sell-side analysts, to a fourth year. The firm earns a spot in all but one of the survey’s 21 sectors: Central & Eastern Europe (CE3).

J.P. Morgan increases its team total by one, to 14, and that’s enough to move the bank up a notch to No. 2. Citi leaps three levels to third place after boosting its total from eight to 13. Deutsche Bank, last year’s No. 2 firm, tumbles to fourth place after losing four spots, leaving it with 11. UBS repeats at No. 5; its total rises by one, to ten. Click on the Leaders link in the navigation table at right to see the full results of all ranked firms.

The order changes somewhat when a weighting of 4 is applied to each first-place position, 3 to each second-place spot and so on. BofA Merrill is still victorious — and by a very hefty margin — with a weighted score of 67. Deutsche Bank claims the second tier, with a score of 24; while Citi, J.P. Morgan and UBS tie for third, with 22. Click on Weighting the Results in the navigation table to see how each firm fares when this formula is applied.

The 2016 Emerging EMEA Research Team reflects the opinions of more than 630 individuals at 375 institutions that collectively manage an estimated $320 billion in regional equities and $157 billion in emerging EMEA debt.

Sixteen firms are represented in this year’s results, including two that didn’t appear last year: BCS Global Markets and Wood & Co.

A total of 134 team leaders appear on this year’s roster, which is limited to the top three squads in each sector, plus runners-up where applicable. The full report names 325 researchers, representing 41 entities, who met minimum-vote and other eligibility criteria. (Data regarding analysts and firms not appearing here are available from the Institutional Investor Research Group; for information please contact Esther Weisz at 212-224-3307 or

Among the highlights of this year’s results:

Three Bank of America Merrill Lynch analysts lead or co-lead more than one top-ranked team:

David Hauner

— Economics

— Equity Strategy (with John Morris)

-— Sovereign Debt (with Arko Sen)

Karen Kostanian

— Oil & Gas (with Anton Fedotov)

— Utilities

— Also manages the No. 2 team in Chemicals (with Faisal Al Azmeh) and a runner-up crew for coverage of Russia (with Vladimir Osakovskiy)

John Morris

— Equity Strategy (with David Hauner)

— South Africa (with Ilze Roux)


Five other analysts direct teams that top one sector and rank in at least one other:

Kazim Andac of Deutsche Bank

— Financials, third place

— Turkey, first place

Athmane Benzerroug of Deutsche Bank

— Construction & Real Estate (with George Buzhenitsa), first place

— Utilities (with Tomasz Krukowski), second place

George Buzhenitsa of Deutsche Bank

— Chemicals (with Aleksandar Stojanovski), runner-up

— Construction & Real Estate (with Athmane Benzerroug), first place

— Metals & Mining (with Rene Kleyweg), runner-up

John Lomax of HSBC

— Middle East & North Africa (with Raj Sinha), first place

— South Africa (with Nicholas Webster), runner-up

— Turkey (with Bülent Yurdagül), runner-up

Elena Sakhnova of VTB Capital

— Chemicals, runner-up

— Transportation, first place


Eight squads log a first appearance in first place:

• Central & Eastern Europe (CE3): Wood & Co. (team leaders: Alexandros Boulougouris and Marta Jezewska-Wasilewska)

• Chemicals: HSBC (Sriharsha Pappu and Yonah Weisz)

• Financials: UBS (Stephan Potgieter and Mikhail Shlemov)

• Frontier Markets: Citi (Andrew Howell)

• Health Care & Pharmaceuticals: Bank of America Merrill Lynch (Jamie Clark)

• Middle East & North Africa: HSBC (John Lomax and Raj Sinha)

• Turkey: Deutsche Bank (Kazim Andac)

• Utilities: Bank of America Merrill Lynch (Karen Kostanian)


A total of 23 team leaders celebrate their first sector-topping appearances:

Kazim Andac of Deutsche Bank, Turkey

Alexandros Boulougouris of Wood & Co., CE3 (with Marta Jezewska-Wasilewska)

George Buzhenitsa of Deutsche Bank, Construction & Real Estate (with Athmane Benzerroug)

Jamie Clark of Bank of America Merrill Lynch, Health Care & Pharmaceuticals

Ali Dhaloomal of Bank of America Merrill Lynch, Corporate Debt (with Kay Hope)

Anton Fedotov of Bank of America Merrill Lynch, Oil & Gas (with Karen Kostanian)

David Hauner of Bank of America Merrill Lynch, Equity Strategy (with John Morris)

Kay Hope of Bank of America Merrill Lynch, Corporate Debt (with Ali Dhaloomal)

Andrew Howell of Citi, Frontier Markets

Marta Jezewska-Wasilewska of Wood & Co. CE3 (with Alexandros Boulougouris)

Karen Kostanian of Bank of America Merrill Lynch, Utilities

Alexander Kudrin of Sberbank CIB, Russia

John Lomax of HSBC, Middle East & North Africa (with Raj Sinha)

John Morris of Bank of America Merrill Lynch, Equity Strategy (with David Hauner)

Michele Olivier of Morgan Stanley, Consumer (with Nicholas Ashworth)

Sriharsha Pappu of HSBC, Chemicals (with Yonah Weisz)

Stephan Potgieter of UBS, Financials (with Mikhail Shlemov)

Ilze Roux of Bank of America Merrill Lynch, South Africa (with John Morris)

Arko Sen of Bank of America Merrill Lynch, Sovereign Debt (with David Hauner)

Mikhail Shlemov of UBS, Financials (with Stephan Potgieter)

Raj Sinha of HSBC, Middle East & North Africa (with John Lomax)

Yonah Weisz of HSBC, Chemicals (with Sriharsha Pappu)

Michael Widmer of Bank of America Merrill Lynch, Commodities (with Francisco Blanch)


Click on the Best Analysts of the Year to view the teams in first, second and third places. Also available at that link is a list of runners-up in each sector (where applicable). Please note: Information about crews in the second and third positions, and runners-up, is available to subscribers only.

For more information about how this ranking was compiled, click on Methodology.

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