Pamela Finelli, Nicolas Mougeot & team, Deutsche Bank

The buy side says: “Whenever I have a question, they have the answer. Highly responsive.”

Deutsche Bank’s seven-­member crew co-­captained by Pamela Finelli, 39, and ­Nicolas Mougeot, 37, repeats in the top spot. (Eight additional Deutsche analysts cover the Americas and Asia.) One fund manager hails the London-­based group’s work for its “detailed analyses and interpretation,” while another is impressed by a new product, “Volatility Cross-­Asset Note” (or Volcano), that’s written in conjunction with colleagues in commodities, credit, foreign exchange and rates. The issues that dominated investors’ minds last year — namely, Europe’s sovereign-­debt crises — will prevail this year, ­Mougeot says. “We thus expect Europe to keep underperforming — at least until the new European Union treaty is passed. The hurdles are numerous, and there is a heavy agenda for the first four months of the year,” he says. “We foresee sustained volatility in Europe in the first half. We expect the situation to normalize, but maybe not before the third or even the fourth quarter, so volatility could extend into the second half.”