Industries – Banks – First

Rajeev Varma, Yi (Winnie) Wu & team Bank of America Merrill Lynch

The buy side says: “Their work is insightful and solid.”

Bank of America Merrill Lynch leaps from third place to claim its first appearance atop the roster. The 17-member squad, which tracks 95 stocks, is directed by Rajeev Varma in Mumbai and Beijing-based Yi (Winnie) Wu; other analysts are located in Hong Kong, Seoul, Singapore, Sydney and Taipei. “Very impressive research,” declares one advocate. Varma, 45, has been with the firm since 1998; he holds an MBA from Delhi University’s Faculty of Management Studies. Wu, 34, has an MBA from the Harvard Business School and joined Merrill Lynch in 2005. “We advise investors to adopt a nimble trading strategy in the sector, without betting on long-term value, given the risk of potential long-term derating,” Wu says. China Minsheng Banking Corp. has been a top pick since May 2011; the stock beat the sector by 6.9 percentage points through March. — Leslie Kramer

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