What do investors expect from a full-service brokerage? Three attributes spring to mind: top-notch research, a supportive sales effort and state-of-the-art trading operations. To find out which firm claims the distinction of being Asias Best Brokerage, Institutional Investor tallied the scores of those outfits that met minimum-vote and other eligibility requirements in all three of our 2012 Asia ex-Japan surveys: the All-Asia Research Team, the All-Asia Sales Team and the All-Asia Trading Team.
Bank of America Merrill Lynch leads the lineup, finishing first in research (for a second consecutive year) and in sales, and second in quality of trading services, behind UBS. The Swiss bank is No. 2 on our list of Asias Best Brokerages after tying for fourth place (with Deutsche Bank) in research and taking second in sales. Morgan Stanley which takes sixth in research, fourth in sales and third in trading wins the No. 3 spot. When these aggregated totals are further screened by the country in which each firm is headquartered, China International Capital Corp. wins the title of Chinas Best Brokerage; CIMB Securities, Malaysias Best Brokerage; Macquarie Capital Securities, Australia/New Zealands Best Brokerage; and Samsung Securities, South Koreas Best Brokerage. For the purposes of this ranking, global banks headquartered outside Asia ex-Japan are considered domiciled in the country in which their primary Asian operations are based.
|THE LEADERS||| THE LEADERS BY COUNTRY | RESEARCH | SALES | TRADING|
|RANK||FIRM 1||RANK||FIRM 1|
|1||Bank of America Merrill Lynch||9||Nomura|
|2||UBS||10||Goldman Sachs (Asia)|
|3||Morgan Stanley||11||China International Capital Corp.|
|4||Deutsche Bank||12||Macquarie Capital Securities|
|5||CLSA Asia-Pacific Markets||13||Daiwa Capital Markets|
|5||J.P. Morgan||14||BNP Paribas Securities (Asia)|
|8||Credit Suisse||15||CIMB Securities|
|1 This table lists the highest-ranked firms among those that receive votes in the All-Asia research, sales and trading teams.|