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BofA Merrill Leads Global Research Ranking into Home Stretch
BofA Merrill was our Top Global Research Firm of 2011. And it's leading the race in 2012 after the publication of the All-America Fixed-Income Research Team.
By capturing 39 spots on this year’s All-America Fixed-Income Research Team — the same number it won last year — Bank of America Merrill Lynch increases its team-position total across all surveys published thus far in 2012 to 202, solidifying its stance at No. 1 on Institutional Investor’s Top Global Research Firms: Year to Date roster.
48 49 43 62 2 J.P.Morgan 2 171 38 44 32 57 3 Deutsche Bank 3 161 36 32 29 64 4 Morgan Stanley 4 122 14 14 25 69 5 Citi 106 20 19 16 51 5 UBS 106 17 19 18 52 7 Credit Suisse 93 12 12 19 50 8 Barclays 74 21 13 17 23 9 Nomura 5 71 11 14 13 33 10 Goldman, Sachs & Co 6 47 8 12 10 17 11 BTG Pactual 39 13 7 7 12 12 Itaú BBA 29 8 10 5 6 13 China International Capital Corp. 27 5 4 2 16 14 CLSA Asia-Pacific Markets 23 4 6 1 12 15 Santander 8 22 2 5 2 13 16 VTB Capital 21 10 3 3 5 17 Wells Fargo Securities 20 3 4 8 5 18 Daiwa Capital Markets 9 19 2 1 3 13 19 Troika Dialog 17 6 4 3 4 20 Renaissance Capital 14 2 0 2 10 21 Macquarie Securities 10 13 1 2 7 3 22 Bradesco Corretora 11 0 1 4 6 22 Royal Bank of Scotland 11 11 1 2 1 7 24 Sanford C. Bernstein & Co 12 10 7 0 1 2 25 Jefferies International 13 9 1 2 1 5 26 Exane BNP Paribas14 8 1 2 0 5 26 Kotak Securities 8 4 1 1 2 28 Mitsubishi UFJ Morgan Stanley Securities Co. 7 2 1 1 3 28 Mizuho Securities Group 7 0 2 2 3 30 BNP Paribas Securities 15 6 0 0 2 4 31 RBC Capital Markets 5 0 1 2 2 31 SMBC Nikko Securities 5 1 1 0 3 33 Crédit Agricole Cheuvreux 4 0 3 0 1 33 Société Générale 4 0 0 0 4 35 CRT Capital Group 3 2 0 0 1 35 Edelweiss Securities 3 0 1 1 1 35 HSBC 16 3 0 0 2 1 35 IIFL 3 0 1 0 2 35 Standard Chartered Bank 3 0 1 0 2 40 Kempen & Co. 2 0 1 0 1 40 Redburn Partners 2 0 0 1 1 42 ABG Sundal Collier 1 0 0 1 0 42 Alfa-Bank 1 0 0 0 1 42 Amherst Securities Group 1 0 0 0 1 42 Autonomous Research 1 0 0 0 1 42 Banco Português de Investimento 1 0 0 1 0 42 Batlivala & Karani Securities India 1 1 0 0 0 42 Berenberg Bank 1 0 0 1 0 42 Carnegie Investment Bank 1 0 0 0 1 42 CIMB Securities 1 0 0 0 1 42 Commerzbank Corporates & Markets 1 0 0 0 1 42 Davy 1 1 0 0 0 42 EFG-Hermes 1 0 1 0 0 42 Emkay Global Financial Services 1 0 0 1 0 42 Equita S.I.M. 1 0 1 0 0 42 Fidentiis Equities 1 0 1 0 0 42 Goodbody Stockbrokers 1 0 1 0 0 42 Handelsbanken Capital Markets 1 0 1 0 0 42 Helvea 1 0 0 0 1 42 ICICI Securities 1 0 0 1 0 42 ING Equity Markets 1 0 0 1 0 42 Intermonte 1 0 0 0 1 42 Investec Securities 1 0 0 1 0 42 Keefe, Bruyette & Woods 1 0 0 0 1 42 LarrainVial Corredora de Bolsa 1 0 1 0 0 42 MainFirst Bank 1 0 1 0 0 42 Mediobanca 1 0 0 1 0 42 N+1 Equities 1 0 0 0 1 42 Oddo Securities 1 0 0 0 1 42 Okasan Securities Co. 1 0 0 0 1 42 Otkritie Financial Corp. 1 0 0 0 1 42 Petercam 1 0 0 0 1 42 Rabobank 1 1 0 0 0 42 J. Safra Corretora 1 0 0 1 0 42 Samsung Securities 1 0 0 0 1 42 SEB Enskilda 1 1 0 0 0 42 Vontobel 1 0 0 1 0 42 Yuanta Research 1 0 0 0 1 1 The totals shown include positions won on Institutional Investor’s All-Europe Research Team, All-Europe Fixed-Income Research Team, All-Japan Research Team, All-Asia Research Team, All-China Research Team, All-India Research Team, Emerging-Markets Equity & Fixed-Income Research Team, All-Russia Research Team, Latin America Research Team, All-Brazil Research Team and All-America Fixed-Income Research Team.
2 Positions on the All-Europe Research Team were for J.P. Morgan Cazenove.
3 Positions on the All-Japan Research Team were for Deutsche Securities; on the Latin America Research Team and on the All-Brazil Research Team, positions were for Deutsche Bank Securities.
4 Positions on the All-Japan Research Team were for Morgan Stanley MUFG Securities Co.
5 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for Nomura International; on the All-Japan Research Team, positions were for Nomura Securities Co.; and on the All-America Fixed-Income Research Team, positions were for Nomura Securities International.
6 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for Goldman Sachs International; on the All-Japan Research Team, positions were for Goldman Sachs Japan Co.; positions on the All-Asia Research Team, the All-China Research Team and the All-India Research Team were for Goldman Sachs (Asia); and positions on the Emerging-Markets Equity & Fixed-Income Research Team and the All-Russia Research Team were for Goldman Sachs.
7 BTG Pactual acquired Celfin Capital in February 2012.
8 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for Santander Investment Bolsa.
9 Positions on the All-Japan Research Team were for Daiwa Securities Group.
10 Positions on the All-Asia Research Team, the All-China Research Team and the All-India Research Team were for Macquarie Capital Securities.
11 Positions on the All-America Fixed-Income Research Team were for RBS Securities.
12 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for Sanford C. Bernstein.
13 Positions on the All-China Research Team, the All-India Research Team and the All-America Fixed-Income Research Team were for Jefferies & Co.
14 Positions on the All-Europe Fixed-Income Research Team were for BNP Paribas Securities; on the All-Asia Research Team and the All-China Research Team, positions were for BNP Paribas Securities (Asia).
15 Positions on the All-Europe Research Team were for Exane BNP Paribas; on the All-Asia Research Team and the All-China Research Team, positions were for BNP Paribas Securities (Asia).
16 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for HSBC Bank.
J.P. Morgan, which leads the All-America Fixed-Income Research Team for a third year running, with 51 positions (one fewer than last year), bumps its overall total to 171 and pushes past Deutsche Bank to claim second place. The German financial services firm is now No. 3, with a total count of 161. In fourth place overall is Morgan Stanley, with 122. Citi and UBS tie for fifth, with 106 slots each.
With the winners in the 343 spots on this year’s All-America Research Team yet to be announced, any one of these firms could lay claim to the title of II’s Top Global Research Firm of 2012. BofA Merrill was our Top Global Research Firm of 2011, with 226 total team positions. J.P. Morgan came in second overall, with 202 places, followed by Deutsche Bank in third, with 163. Rounding out last year’s top five were Morgan Stanley, with 141, then UBS, with 135.
II will announce the results of this year’s All-America Research Team in mid-October.
| The 2012 Top Global Research Firms: Year to Date 1 | ||||||
| RANK | FIRM | TOTAL TEAM POSITIONS | FIRST TEAM | SECOND TEAM | THIRD TEAM | RUNNERS- UP |
| 1 | Bank of America Merrill Lynch | 202 | ||||
2 Positions on the All-Europe Research Team were for J.P. Morgan Cazenove.
3 Positions on the All-Japan Research Team were for Deutsche Securities; on the Latin America Research Team and on the All-Brazil Research Team, positions were for Deutsche Bank Securities.
4 Positions on the All-Japan Research Team were for Morgan Stanley MUFG Securities Co.
5 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for Nomura International; on the All-Japan Research Team, positions were for Nomura Securities Co.; and on the All-America Fixed-Income Research Team, positions were for Nomura Securities International.
6 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for Goldman Sachs International; on the All-Japan Research Team, positions were for Goldman Sachs Japan Co.; positions on the All-Asia Research Team, the All-China Research Team and the All-India Research Team were for Goldman Sachs (Asia); and positions on the Emerging-Markets Equity & Fixed-Income Research Team and the All-Russia Research Team were for Goldman Sachs.
7 BTG Pactual acquired Celfin Capital in February 2012.
8 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for Santander Investment Bolsa.
9 Positions on the All-Japan Research Team were for Daiwa Securities Group.
10 Positions on the All-Asia Research Team, the All-China Research Team and the All-India Research Team were for Macquarie Capital Securities.
11 Positions on the All-America Fixed-Income Research Team were for RBS Securities.
12 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for Sanford C. Bernstein.
13 Positions on the All-China Research Team, the All-India Research Team and the All-America Fixed-Income Research Team were for Jefferies & Co.
14 Positions on the All-Europe Fixed-Income Research Team were for BNP Paribas Securities; on the All-Asia Research Team and the All-China Research Team, positions were for BNP Paribas Securities (Asia).
15 Positions on the All-Europe Research Team were for Exane BNP Paribas; on the All-Asia Research Team and the All-China Research Team, positions were for BNP Paribas Securities (Asia).
16 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for HSBC Bank.