Institutional Investor

J.P. Morgan Takes Top Spot for the Third Year in a Row in Institutional Investor's 2005 All-Europe Fixed-Income Research Team

    New York (ots/PRNewswire) - Investors ranked J.P. Morgan, Deutsche Bank and Citigroup first, second and third, respectively, in Institutional Investor magazine's 2005 All-Europe Fixed-Income Research Team. The annual survey of investors, published in April by II, identifies the best European fixed-income research analysts. J.P. Morgan ranks first for the third year in a row, securing 20 positions on the team. Deutsche Bank holds its position for a second year with 15 team slots, followed by Citigroup, holding fast for another year in third position with 13 team selections.

    UBS jumps to fourth from sixth place, and U.S. fixed-income powerhouse Lehman Brothers leaps from ninth to fifth. Morgan Stanley and BNP Paribas slip to a tie for sixth place, from fourth and fifth places, respectively. Credit Suisse First Boston and Barclays Capital, which tied for seventh place last year, drop to eighth and ninth, respectively.

    J.P. Morgan benefited from the continued strong growth of credit derivatives and from investor demand for structured credit vehicles like collateralized debt obligations. "In 2003 you made money if you were long credit. But in 2004 fundamental credit calls were not going to make any money; we started focusing on where you are on the curve and started integrating our derivatives products," says Katherine McCormick, head of corporate credit research at J.P. Morgan and co-leader of the top-ranked Distressed team, who notes that the role of researcher has changed, with quantitative-based strategies becoming more prevalent. "We have added a lot of bodies, and now we are two thirds traditional company research and one third derivatives structure and strategy," she says.

    Here are the top European fixed-income research firms ranked by the number of position on this year's team.

@@start.t1@@      The Leaders
      Rank                                                                            Total Team Positions
      2005        2004        Firm                                                      2005        2004
        1            1          J.P. Morgan                                            20          13
        2            2          Deutsche Bank                                         15          12
        3            3          Citigroup                                                13          10
        4            6          UBS                                                         12            7
        5            9          Lehman Brothers                                      10            4
        6            5          BNP Paribas                                              9            8
        6            4          Morgan Stanley                                         9            9
        8            7          Credit Suisse First Boston                      7            6
        9            7          Barclays Capital                                      6            6
      10          11          Merrill Lynch                                          3            2
      11          --          ABN Amro                                                  2            0
      12          11          Dresdner Kleinwort Wasserstein                1            2
      12            9          Goldman Sachs International                    1            4
      12          13          Royal Bank of Scotland                            1            1@@end@@

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ots Originaltext: Institutional Investor
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Kim Lemmonds, Institutional Investor, +1-212-224-3650,

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