< The 2015 All-Europe Research Team
Bruce Hamilton & team
Morgan Stanley
First-place appearances: 5
Total appearances: 16
Team debut: 1989
After two years at the top of this roster, Bruce Hamilton and his Morgan Stanley crew slip to No. 2. Nonetheless, one client observes, “I rate Bruce very highly for his excellent-quality research and deep knowledge of European asset managers and exchanges.” One such operator, London Stock Exchange Group, tops the analysts’ list of favored names this year. “We see attractive top-line growth, driven by structural and regulatory drivers, additional and underappreciated cost save opportunities, and optionality around the potential disposal of the Russell Investment management business, which could release capital for return,” says Hamilton, 41. The Morgan Stanley researchers are based in London and report on 15 companies. Although neutral on the European diversified financials sector overall, they highlight attractive pockets of opportunity around key themes, including expansion in multiasset products as investors rerisk in a low-return environment. They also discern “opportunities for growth linked to regulatory changes, such as [over-the-counter] clearing, and from cost self-help and distribution upside,” notes the team leader.