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Deutsche Bank leads Institutional Investor’s All-Europe Sales Team for a second year running. J.P. Morgan Cazenove climbs one rung to second place, bumping Bank of America Merrill Lynch down to third. UBS also rises one position, to No. 4, and displaces Morgan Stanley, which takes fifth place this year.
“The Deutsche team is very responsive,” asserts one Paris-based money manager. “They take the time to understand our needs and do a good job of suggesting ideas that are consistent with our investment style.” (Unless instructed otherwise, we keep confidential the names of survey participants and their firms to ensure their continuing cooperation.)
One buy-side backer in the U.S. appreciates the squad’s “frequent — but not intrusive — updates. They keep us informed of developments that are relevant but don’t overwhelm us with a lot of things we don’t care about. And they have great follow-up.”
A fund manager in Germany is equally enthusiastic about the crew at J.P. Morgan Cazenove. “They have a unique approach in that every salesperson is a generalist and a sector specialist — for example, Oliver Mueller for consumer staples and discretionary,” he says. “This brings a much better depth into discussions and avoids the usual, ‘Oh, I don’t know that, can the analyst call you?’ situation.”
Anastacio Teodoro, an analyst with Pittsburgh-based asset manager Federated Investors, also singles out a representative for special recognition. “Stephen Tatz at J.P. Morgan offers market insight, best-in-class corporate access and top-tier research. In addition, he attends any meeting he invites me to.”
That last service is rising in prominence among institutional investors. So this year, for the first time, II asked All-Europe Research Team participants to tell us which firms provide the best access to corporate leaders in each of the survey’s 34 industry sectors. Deutsche Bank heads the inaugural roster of Europe’s Top Corporate Access Providers, followed by Bank of America Merrill Lynch in second place. Morgan Stanley and UBS tie for third, and J.P. Morgan Cazenove secures No. 5. The 2013 All-Europe Sales Team ranking reflects the opinions of more than 1,500 buy-side analysts and money managers at some 680 firms that manage an estimated $5.22 trillion in European equity assets. Approximately 70 of the people who cast votes in the research team survey, representing 89 percent of the participating buy-side institutions, responded to our question about the best sales teams.