The 2016 All-Europe Research Team: The Sector Champions

Bank of America Merrill Lynch lays claim to the highest number of first-place positions, with nine.


A total of 17 firms earn at least one first-place position on the 2016 All-Europe Research Team, Institutional Investor’s exclusive annual ranking of the region’s leading sell-side equity analysts:

• Bank of America Merrill Lynch

• Barclays

• Sanford C. Bernstein

• Carnegie Investment Bank

• Citi

• Credit Suisse

• Davy

• Deutsche Bank

• Exane BNP Paribas

• J.P. Morgan Cazenove

• Mediobanca

• Morgan Stanley

• Nomura International

• Rabobank

• Santander Investment Bolsa


• Vontobel

Analysts at Bank of America Merrill Lynch are deemed the best in 20 percent of the survey’s categories — nine out of 45 — followed by Deutsche Bank and J.P. Morgan Cazenove, with six sector victories apiece. Click on the Leaders link in the navigation table at right to view the full list of ranked firms.

This year’s results are remarkably similar to last year’s: Nearly 75 percent of the top-ranked researchers, 32 of the 45, are returning champions. Four advance from second place, three leap from third and three vault from runner-up. Two of this year’s sector winners, Björn Jansson’s team at Carnegie Investment Bank (No. 1 in Nordic Countries) and the Bank of America Merrill Lynch crew captained by Frederic Boulan and David Wright (on top in Telecommunications Services) didn’t rank in 2015. James Gordon and Richard Vosser guide J.P. Morgan Cazenove’s squad to first place in the newly restored Biotechnology sector.

Andrew Wood of Sanford C. Bernstein is the only analyst whose name appears atop two sectors, Food Producers and Household & Personal Care Products — each for a seventh year running.

Listed below by sector are this year’s No. 1 analysts and teams. Click on an individual’s name to view his or her profile. Please note: Free site registration will be requested of anyone who hasn’t already signed up.

Accounting & Valuation

Sarah Deans & team


Aerospace & Defense

Benjamin Fidler & team

Deutsche Bank

Autos & Auto Parts

Max Warburton

Sanford C. Bernstein


Michael Helsby, Alastair Ryan & team

Bank of America Merrill Lynch


David Tailleur & team



Trevor Stirling

Sanford C. Bernstein


James Gordon, Richard Vosser & team

J.P. Morgan Cazenove

Building & Construction

Arnaud Lehmann & team

Bank of America Merrill Lynch

Business & Employment Services

Robert Plant & team

J.P. Morgan Cazenove

Capital Goods

Andreas Willi & team

J.P. Morgan Cazenove


Timothy Jones & team

Deutsche Bank


Mark Wall & team

Deutsche Bank

Equity Strategy

Mislav Matejka & team

J.P. Morgan Cazenove

Food Producers

Andrew Wood

Sanford C. Bernstein


Ben Spruntulis & team

Exane BNP Paribas


Andreas Neubauer & team

Deutsche Bank

Household & Personal Care Products

Andrew Wood

Sanford C. Bernstein


Juan Ramón Correas & team

Santander Investment Bolsa


Blair Stewart & team

Bank of America Merrill Lynch


Barry Dixon & team



Antonio Guglielmi & team


Leisure & Hotels

Victoria Stern & team


Luxury Goods

Luca Solca & team

Exane BNP Paribas


Daniel Kerven & team

Bank of America Merrill Lynch

Medical Technologies & Services

Elisabeth Clive

Sanford C. Bernstein

Metals & Mining

Jason Fairclough & team

Bank of America Merrill Lynch

Nordic Countries

Björn Jansson & team

Carnegie Investment Bank

Oil & Gas Exploration & Production

Martinus (Martijn) Rats & team

Morgan Stanley

Oil Services

Christyan Malek & team

Nomura International

Paper & Packaging

Lars Kjellberg

Credit Suisse


Sachin Jain, Graham Parry & team

Bank of America Merrill Lynch


Bart Gysens & team

Morgan Stanley

Quantitative Research

Spyros Mesomeris & team

Deutsche Bank


James Anstead & team



Alexander (Warwick) Okines & team

Deutsche Bank

Small- & Midcapitalization Stocks

Eduardo Lecubarri & team

J.P. Morgan Cazenove

Specialty & Other Finance

Philip Middleton & team

Bank of America Merrill Lynch


Panagiotis Spiliopoulos & team



Gareth Jenkins & team



Adam Wood & team

Morgan Stanley

Telecommunications Services

Frederic Boulan, David Wright & team

Bank of America Merrill Lynch


James Bushnell & team

Exane BNP Paribas


Mark Manduca, Angus Tweedie & team

Bank of America Merrill Lynch

United Kingdom

Christian Kern & team

J.P. Morgan Cazenove


Alberto Gandolfi & team


Click on the Best Analysts of the Year in the navigation table to view profiles of the researchers and teams in first, second and third places, and to find information about when they debuted in their sectors, the total number of appearances they have amassed to date, their total appearances at No. 1 (where applicable) and comments from money managers about what distinguishes these analysts from their peers. Also available at that link is a list of squads that earn a runner-up spot in each sector (where applicable). Please note: Information about researchers in the second and third positions, and runners-up, is available to subscribers only.

To learn more about how this ranking was compiled, click on Methodology.