Industrials – Transport : First
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Industrials – Transport : First



Mark Manduca,

Joel Spungin

& team

Bank of America

Merrill Lynch

"They set the standard for customer service."

It's been said that good things come to those who wait, and in the case of Bank of America Merrill Lynch, that appears to be true: After a nine-year absence, the firm is back on top. Mark Manduca, 29, led the London-based team to second place last year — its first appearance in the ranking since 2005 — and this year newcomer Joel Spungin, 34, helps him drive the crew to the winner's circle. The analysts are credited with calling clients "even if I haven't reached out to them — just to see if they can be helpful," relates one fund manager in California. In March they relaunched coverage on Germany's Deutsche Post with a buy rating, at €13.68, arguing that recently installed CEO Frank Appel was delivering consistent earnings growth, closing the margin gap with peers and stabilizing profits. By the end of the year, the stock had delivered a 21.3 percent gain, rising to €16.60, and the team continues to recommend it. Manduca joined the firm from London-based Insight Investment Management in 2010 after earning a master's degree in modern European languages at Scotland's University of Edinburgh. Spungin moved from London's Oriel Securities, where he covered the U.K. business services sector, in 2007; he has a master's degree in philosophy, politics and economics from the University of Oxford in England. — Ben Mattlin

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