Institutional Investor's Alpha Magazine - April 2009 - (Page 64) The Leaders DEVELOPED EUROPE Rank 2009 2008 Firm Total team positions 2009 2008 First team 2009 2008 Second team 2009 2008 Third team 2009 2008 Runners-up 2009 2008 1 2 2 4 5 6 7 8 8 10 10 10 10 2 5 2 1 4 6 6 11 9 — 13 10 6 Banc of America Securities– Merrill Lynch1 J.P. Morgan Securities UBS Morgan Stanley Credit Suisse Citi Deutsche Bank Sanford C. Bernstein & Co. Goldman Sachs International Davy Equita S.I.M. 2 21 17 17 16 12 7 6 2 2 1 1 1 19 10 19 20 14 9 9 2 6 0 1 3 9 10 4 8 6 1 1 1 1 0 0 1 0 0 8 2 7 9 3 0 0 1 0 0 1 1 1 4 5 5 2 4 1 2 1 2 0 0 1 0 4 2 3 5 3 2 5 0 1 0 0 1 2 5 6 0 6 1 4 2 0 0 0 0 0 0 3 2 2 2 4 5 0 0 2 0 0 1 3 2 2 4 2 6 1 1 0 0 1 0 0 1 4 4 7 4 4 2 4 1 3 0 0 0 3 Exane BNP Paribas Nomura International 3 1 EMERGING EMEA Rank 2009 2008 Firm Total team positions 2009 2008 First team 2009 2008 Second team 2009 2008 Third team 2009 2008 Runners-up 2009 2008 1 2 3 3 3 1 — 2 — 3 Renaissance Capital Banc of America Securities– Merrill Lynch1 Deutsche Bank Troika Dialog UBS 8 2 1 1 1 9 0 5 0 3 8 0 0 0 0 9 0 2 0 0 0 2 0 0 1 0 0 2 0 3 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 1 Rank and team positions in 2008 were for Merrill Lynch, which Bank of America Corp. acquired in January; BofA Securities did not rank last year. Votes were tabulated for the two firms separately because the acquisition was completed after our November 14 cutoff date. 2 Team positions and rank in 2008 were for Euromobiliare S.I.M., which changed its name to Equita S.I.M. in November 2008. 3 Team positions and rank in 2008 were for Lehman Brothers, whose Asian operations Nomura International acquired in October 2008; Nomura did not rank last year. frames,” explains Simon Greenwell, the firm’s Londonbased head of equity research for Europe, the Middle East and Africa. “A lot of hedge funds like to be market neutral, and we’re giving them a market-neutral product,” adds Michael Harris, BofA–Merrill Lynch’s London-based head of emerging-equities research. “We’re saying what we like, but we’re also saying what stocks you want to avoid.” In mid-January, Harris and his team published their fi rst “Istambulletin” of this year, with 12-month picks for the best and worst choices among Turkish stocks. Their report included the following pair trades: Türkiye Garanti Bankası (“plenty of upside”) versus Asya Katılım Bankası (“not expensive but enough risk”) and conglomerate Hacı Ömer Sabancı Holding (“the extent of the dis64 • INSTITUTIONAL INVESTOR’S ALPHA • APRIL 2009 count should allow for outperformance”) versus its larger rival Koç Holding (“current valuation fairly generous”). With a full year’s most-and-least performance under its belt, the fi rm says that its choices in two sectors did exceptionally well: Business services was up 86.57 percent in 2008, and the real estate segment of the program was up 61.70 percent, according to a BofA–Merrill Lynch spokesman. Ten sector selections had positive results, and five were negative. (The firm declines to release specific numbers or to divulge an aggregate figure.) UBS, which is tied with J.P. Morgan Securities for No. 2 in the ranking, introduced a similar series of reports at the beginning of 2008 from its 25 teams that cover developed Europe. Published under the heading “Preferences,” UBS’s buy-and-sell calls delivered
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