Industries – Insurance – Third

Bob Leung & team UBS

Unranked since 2009, UBS lands in third place under the guidance of Bob Leung, who joined the firm in July; he helmed Deutsche Bank’s No. 3 team in 2010 and 2011 and Citi’s top-ranked team in 2009. “Bob is very knowledgeable and able to put complex concepts into digestible analytical pieces for investors,” proclaims one portfolio manager. The two-person team, working out of Hong Kong, covers six companies and remains cautious about the premium-growth outlook for Chinese life insurance companies in the near term but is less bearish than the market is on nonlife insurers. “We expect structural reform in China to continue, with overall Asian insurance market growth to remain strong,” Leung says. The duo added Ping An Insurance (Group) Co. of China to its key call list in October, at HK$46.40, and reiterated the call in February; by the end of March, the shares had climbed 26.8 percent, to HK$58.85, and led the sector by 19.2 percentage points. Leung “understands the industry the best and is trusted by both investors and management,” avers another fan. — Leslie Kramer

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