With Finishing Line in Sight, BofA Merrill Extends Lead
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With Finishing Line in Sight, BofA Merrill Extends Lead

General Views of Toronto's Financial District
Merrill Lynch & Co. Inc.'s office stands in this photo taken with a tilt-shift lens on Bay Street in Toronto, Ontario, Canada, on Monday, Aug. 29, 2011. Bay Street is the center of Toronto's Financial District and is often used as a metaphor to refer to Canada's financial industry. Photographer: Brent Lewin/Bloomberg | Brent Lewin/Bloomberg

With only the All-America Research Team and Fixed-Income Teams left to be announced, Bank of America Merrill Lynch retains its lead as the world's top research firm.

When the results of the All-Brazil Research Team survey are added to the totals of this year’s previously published rankings, Bank of America Merrill Lynch pulls further ahead of second-place Deutsche Bank on Institutional Investor’s Top Global Research Firms: Year to Date roster. BofA Merrill has amassed 163 positions thus far; Deutsche Bank, 146.


J.P. Morgan, which had been tied for third place, shakes itself loose. It now has 120 positions, just enough to push Morgan Stanley, with 119 spots, down one notch to fourth place.


UBS returns in fifth place, with a tally of 105, and Citi holds steady in sixth, with 102. These are the only firms that lay claim to more than 100 total team positions on the year-to-date list.


The results of only two surveys — the All-America Research Team and the All-America Fixed-Income Research Team — have yet to be published. But with those surveys accounting for 561 team positions this year, the winner of II’s Top Global Research Firm of 2012 is anything but a foregone conclusion. BofA Merrill was II’s 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 update this table in early September with the results of the All-America Fixed-Income Research Team survey, then announce the Top Global Research Firm of 2012 in October, following publication of this year’s All-America Research Team results.


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

163

38

38

35

52

2

Deutsche Bank 2

146

36

29

26

55

3

J.P. Morgan 3

120

20

29

19

52

3

Morgan Stanley 4

119

13

13

24

69

5

UBS

105

17

19

18

51

6

Citi

102

20

18

14

50

7

Credit Suisse

90

12

11

17

50

8

Nomura 5

65

10

11

11

33

9

BTG Pactual 6

39

13

7

7

12

10

Barclays

36

6

4

9

17

11

Itaú BBA

29

8

10

5

6

12

China International Capital Corp.

27

5

4

2

16

13

Goldman, Sachs & Co 7

24

3

5

4

12

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

Daiwa Capital Markets 9

19

2

1

3

13

18

Troika Dialog

17

6

4

3

4

19

Renaissance Capital

14

2

0

2

10

20

Macquarie Securities 10

13

1

2

7

3

21

Bradesco Corretora

11

0

1

4

6

22

Sanford C. Bernstein & Co. 11

10

7

0

1

2

23

Exane BNP Paribas 12

8

1

2

0

5

23

Kotak Securities

8

4

1

1

2

23

Royal Bank of Scotland

8

0

1

1

6

26

Mitsubishi UFJ Morgan Stanley Securities Co.

7

2

1

1

3

26

Mizuho Securities Group

7

0

2

2

3

28

BNP Paribas Securities 13

6

0

0

2

4

28

Jefferies International 14

6

0

2

1

3

30

SMBC Nikko Securities

5

1

1

0

3

31

Crédit Agricole Cheuvreux

4

0

3

0

1

31

Société Générale

4

0

0

0

4

33

Edelweiss Securities

3

0

1

1

1

33

HSBC 15

3

0

0

2

1

33

IIFL

3

0

1

0

2

33

Standard Chartered Bank

3

0

1

0

2

37

Kempen & Co.

2

0

1

0

1

37

Redburn Partners

2

0

0

1

1

39

ABG Sundal Collier

1

0

0

1

0

39

Alfa-Bank

1

0

0

0

1

39

Autonomous Research

1

0

0

0

1

39

Banco Português de Investimento

1

0

0

1

0

39

Batlivala & Karani Securities India

1

1

0

0

0

39

Berenberg Bank

1

0

0

1

0

39

Carnegie Investment Bank

1

0

0

0

1

39

CIMB Securities

1

0

0

0

1

39

Commerzbank Corporates & Markets

1

0

0

0

1

39

Davy

1

1

0

0

0

39

EFG-Hermes

1

0

1

0

0

39

Emkay Global Financial Services

1

0

0

1

0

39

Equita S.I.M.

1

0

1

0

0

39

Fidentiis Equities

1

0

1

0

0

39

Goodbody Stockbrokers

1

0

1

0

0

39

Handelsbanken Capital Markets

1

0

1

0

0

39

Helvea

1

0

0

0

1

39

ICICI Securities

1

0

0

1

0

39

ING Equity Markets

1

0

0

1

0

39

Intermonte

1

0

0

0

1

39

Investec Securities

1

0

0

1

0

39

Keefe, Bruyette & Woods

1

0

0

0

1

39

LarrainVial Corredora de Bolsa

1

0

1

0

0

39

MainFirst Bank

1

0

1

0

0

39

Mediobanca

1

0

0

1

0

39

N+1 Equities

1

0

0

0

1

39

Oddo Securities

1

0

0

0

1

39

Okasan Securities Co.

1

0

0

0

1

39

Otkritie Financial Corp.

1

0

0

0

1

39

Petercam

1

0

0

0

1

39

Rabobank

1

1

0

0

0

39

J. Safra Corretora

1

0

0

1

0

39

Samsung Securities

1

0

0

0

1

39

SEB Enskilda

1

1

0

0

0

39

Vontobel

1

0

0

1

0

39

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 and All-Brazil Research Team.

2 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.

3 Positions on the All-Europe Research Team were for J.P. Morgan Cazenove.

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.

6 BTG Pactual acquired Celfin Capital in February 2012.

7 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.

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-Europe Research Team and the All-Europe Fixed-Income Research Team were for Sanford C. Bernstein.

12 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).

13 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).

14 Positions on the All-China Research Team and the All-India Research Team were for Jefferies & Co.

15 Positions on the All-Europe Research Team and the All-Europe Fixed-Income Research Team were for HSBC Bank.

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