< The 2014 All-Europe Fixed-Income Research Team
Total Appearances: 4
Team Debut: 2011 Under the steady hand of Zurich-based Jacqueline Ineke, Morgan Stanley debuted at No. 1 on this roster in 2011 and hasn’t budged from that spot. The 43-year-old crew chief “is and has been for the last five years the reference in Europe on subordinated bonds,” insists one portfolio manager. What’s more, another backer asserts, “her team is by far the best, and consistently so. Their research is insightful and always ahead of the game.” The analysts cover 50 to 70 issuers and “hundreds of bonds,” according to Ineke, who declines to discuss specific names or instruments. She does, however, report that they have been and remain bullish on the sector. “Major issues are the asset-quality review and stress tests, but the banks will ultimately emerge stronger from these,” she says. “Our biggest concern is for second-tier periphery banks, such as in Italy, which we expect will impact the trading levels of the big caps.” On the upside, Ineke adds, “we believe certain old-style tier-1 bonds will be the best performers, as new regulations mean that many of these old bonds will get taken out by the banks, to the benefit of holders.” Investors certainly appreciate the advice. “Jackie and her team lead the field when explaining the nuances of regulatory changes as they emerge,” avers a third supporter, adding that “they do an excellent job of utilizing the equity research team resources to add depth and breadth to their sector reports.”