Institutional Investor's Alpha Magazine - March 2008 - (Page 51) Research Center Top European Analysts Far Afield First-Rate and By Rosalyn Retkwa B enedict Uglow, a London-based capital goods analyst for Morgan Stanley, said last June that if somebody would do a smart reorganization of troubled engineering giant Siemens, its stock price would take off. But he warned that other forces could hurt Siemens, which was trading at the time for E96.38 ($129). Time proved Uglow right — on both counts. When Peter Löscher took the Siemens helm on July 1 and announced a makeover along the lines of what Uglow had suggested, the stock took off, rising within days to as high as E110.44. But the stock dropped after the company said on July 25 it would acquire Dade Behring, a Deerfield, Illinois–based company that makes clinical laboratory diagnostic products, a surprise move investors frowned on because it caught them off guard. (By late August the stock closed at E88.95, and by March it had fallen to about E81.) Calls like these are what lead hedge fund managers to rank Uglow first in his sector and to rank Morgan Stanley No. 1 overall for a second year in a row in Alpha’s annual survey of the best analysts in developed Europe. With 20 teams of ranked analysts, Morgan Stanley noses out its nearest competitors — Merrill Lynch and UBS — which tie for second place, with 19 teams each. Meanwhile, in the latest emerging EMEA ranking, Moscow-based Renaissance Capital captures the top spot for the f irst time, with nine analyst teams. Deutsche Bank repeats Hedge fund managers in second place, with five teams, followed by last find alpha from some year’s top- ranked f irm, UBS, which falls to third, of the best people with three analyst teams. To fi nd those analysts Europe has to offer. who stand out at servicing European hedge funds, Alpha turned to its sister publication, Institutional Investor, recalculating the scores from II’s All-Europe and Emerging Europe Middle East & Africa research team surveys by using votes only from hedge funds. The All-Europe and Emerging EMEA rankings, which appeared, respectively, in the February and Some of the top European research analysts as judged by hedge fund managers (left to right, top row): Colin Crook, Nicholas Delfas, Jeremy Gray, Per Lekander, Charles Mills; (middle row): Mark Iannotti, Jean-Christophe Liaubet, David Hayes, David Alexander Molloy; (front row): Julien Roch, Arend Kapteyn, Vincent Laurencin. (For analysts’ sectors, see page 54.) MARCH 2008 • INSTITUTIONAL INVESTOR’S ALPHA • 51
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