The 2012 Emerging-Markets Equity & Fixed-Income Research Team reflects the opinions of 600 buy-side analysts and money managers at some 390 institutions that collectively manage $350 billion in emerging-markets equity assets and $126 billion in emerging-markets fixed-income assets. Roughly 80 percent of those buy-siders responded to our question about best sales teams, and 57 percent answered the trading-services question.
Deutsche Bank scores another hat trick. The Frankfurt-based financial services firm leads the lineup in Institutional Investors Emerging-Markets Equity & Fixed-Income Research Team for a second year running and claims the top spots on both the Emerging-Markets Sales Team and Emerging-Markets Trading Team. The latter rankings new this year are based on responses from research team survey participants who were asked which firms field the best sales forces in the region and to rank the brokerages they use on the quality of trading services provided, respectively. In the research portion of the survey, Deutsche wins 19 positions, one fewer than in 2011. However, its number of teams considered the best in their respective sectors is down much more dramatically, from nine to four. Two firms tie for second place in research: Bank of America Merrill Lynch, which repeats in that spot, and Citi, which rockets from tenth place. Each firm claims 17 positions. Thats a loss of one for BofA Merrill and a surge of 14 for Citi including seven teams at No. 1. Last year Citi had no top-ranked teams. Citi also captures second place in sales and in trading services. Morgan Stanley ranks third in sales; BofA Merrill, third in trading. This marks the second time this year that Deutsche Bank wins the top spot in three rankings drawn from a single regional survey; the firm also ranks first on the All-Europe research, sales and trading teams. In fact, Deutsche Bank is the only firm to reign supreme in all rankings from a regional survey; Bank of America Merrill Lynch is No. 1 on the All-Asia Research Team and All-Asia Sales Team, but is No. 2 on the All-Asia Trading Team, coming in just behind UBS in that ranking. Several firms score hat tricks in single-country surveys: China International Capital Corp. in China, CLSA Asia-Pacific Markets in India (where the firm ties with Morgan Stanley in research but is the sole winner on the other two rosters), and Nomura Securities Co. in Japan.