< The 2016 All-Europe Research Team
Gerry Gallagher & team
Deutsche Bank
First-place appearances: 4
Total appearances: 10
Team debut: 2002
Deutsche Bank resurfaces on this list in second place, the position it earned in 2013 with Jonathan Fell leading its regional tobacco coverage. He left the firm that June to co-found Ash Park Capital, a consumer-focused money manager, and Deutsche slipped from this ranking. Six months after Fell’s exit, Gerry Gallagher returned to the firm and to the head of this squad; before his November 2008 departure to work as Imperial Tobacco Group’s director of investor communications, he had steered the crew to No. 1 four times during the five years through 2006. The 49-year-old researcher also co-heads the third-place group on the Beverages roster (with Tristan van Strien) and oversees (with Harold Thompson) a team that earns a runner-up position on the Food Producers lineup. His three-strong, London-based group in this space is advising clients to "ignore the short-term noise," says Gallagher, because tobacco is a serial-compounding industry — higher revenues and limited capital expenditures spell good things going forward.