The Deutsche Bank threesome helmed by James Reid is all over this year’s All-Europe Fixed-Income Research Team: No. 1 for a third year running in this sector and in Investment-Grade Strategy, on top for the first time in High-Yield Strategy and debuting in second place in Credit Derivatives. Investors can’t lavish enough praise on the London-based team leader’s daily “Early Morning Reid,” which includes commentary on market data as well as observations about the day’s top news stories (such as the recent discovery of King Richard III’s remains under a parking lot in England). “It’s a great way to start the day,” proclaims one portfolio manager in Paris, while a London-based counterpart pronounces it “the best and most concise daily in the business.” The strategists believe that macroeconomic concerns will remain “the dominant force, over and above individual names,” says Reid, 38. “We still have a very fragile developed-world economic system, which, without the authorities, would struggle to stand on its own two feet.” His crew thinks that credits in countries on the periphery of the euro zone will be fairly volatile, although not disastrously so, and growth disappointments could lead to wider spreads and higher yields for those securities. They are urging clients to lighten up on peripheral risk, “with a view to getting back in just before the European Central Bank acts,” he explains, probably toward the middle of the year. Reid has a bachelor’s degree in economics and economic history from England’s University of Warwick; he spent nine years as a credit strategist at Barclays before moving over to Deutsche Bank in 2004. — Carolyn Koo |
Economics & Strategy – General Strategy: First
