< The 2016 All-Europe Research Team

Total appearances: 11

Team debut: 2006

Under the leadership of Peter Elwin, J.P. Morgan Cazenove notches a fifth consecutive second-place finish. From London, Elwin works with one colleague in Mumbai. The analysts’ reporting on U.S. generally accepted accounting principles and their “impact on financial instruments” is especially laudatory, insists one fund manager, praising also their work on insurance and lease accounting and “their input on sector research published by the firm’s various analysts.” Given ongoing concerns about the state of the European Union’s economies, “many companies will continue to find the backdrop challenging and will be tempted to present their performance in a more positive light than is justified by the underlying reality,” Elwin forecasts. “Skeptical analysis of the accounting details will help to protect investors from some of the risks.” In addition, the investment community’s attention will return with greater interest to tax policies and laws this year, he says, because late last year the Organization for Economic Cooperation and Development published recommendations on its Base Erosion and Profit Shifting project to address corporate tax avoidance strategies.