Alberto Ruiz-Sena’s Bank of America Merrill Lynch team repeats in second place. The crew, which is based in London and is supported by associates in New York, is lauded by one fund manager for “its willingness to do bespoke work.” Ruiz-Sena emphasizes how important it is that “our clients’ benchmarks reflect their investable universe and policy guidelines as closely as possible, to provide an accurate measurement of performance.” Hence he and his teammates are creating custom indexes that measure each of those investor’s specific policy guidelines across all fixed-income asset classes — whether it’s debt of the sovereign, collateralized, investment-grade corporate, high-yield or emerging-markets variety, for example. — Carolyn Koo |