The 2014 All-Russia Research Team: Economics, No. 3: Yaroslav Lissovolik

After three years in second place, Yaroslav Lissovolik of Deutsche Bank slips back to third. Even so, the researcher, who rises from runner-up to No. 2 in Equity Strategy, retains a loyal following. One money manager praises his “analytical purity,” while another lauds his “professional, balanced” approach. Further, clients appreciate Lissovolik’s expanding coverage of Commonwealth of Independent States economies, such as those of Kazakhstan and Ukraine. In addition, they cite as particularly valuable the analyst’s October report that explained how the consumer, financials and telecommunications sectors in Russia’s southern regions were growing in counterbalance to Moscow’s slowdown. Lissovolik acknowledges disappointment, however, in “the poor performance of fixed-investment growth” over the past year. Moreover, he cautions, if “capital outflows remain elevated,” that could continue to be a drag on the markets and gross domestic product expansion. But going forward he is cautiously optimistic about the performance of “household consumption,” he says, largely thanks to “the persistence of low unemployment, as well as continued growth in real disposable income.” Lissovolik “has close communication with officials yet remains an independent voice,” attests another buy-side ally.