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TOP GUN BANK TRENDS 2011: SMALLER FISH NIBBLE ON THE WHALES AND, BIG TUNAS

August 5th, 2011 by TopGun Press

The Brendan Wood International global rankings of TopGun banking performance by institutional investors showed the largest payout for research going to JP Morgan., ranking 1st, with over 12% of commissions last year. But results from there on down included not only other big money centre banks and remaining bulge bracket i-banks, but also plenty of smaller firms.

For example, for U. S. research, Sanford Bernstein came second, lodged between JP Morgan and Morgan Stanley, with almost 9% of commissions. Keefe Bruyette was in 10th place, just fractionally behind Deutsche Bank. And when corporate executives gave their own assessment of analyst penetration, they placed Stifel Nicolaus 1st, ahead of JP Morgan, and Keefe Bruyette 3rd, ahead of Citigroup. Raymond James and Robert Baird were also in their top ten.

Stifel Nicolaus strengthened its position as a small cap specialist when it acquired Legg Mason from Citigroup in 2006, and has over $90 billion in assets under management. But sometimes a really small firm still cuts out a niche. Sanford Bernstein is a specialist in quantitative analysis, a darling of institutional investors for years, now with a substantial global presence. Keefe, Bruyette, which lost 67 of its 172 WTC employees in the September 11 terrorist attack, recovered and went public in 2006, but still has only a few hundred employees, and net income only in the low tens of millions. As trading profits decline and traditional investment banking regains priority, these specialized little fish may take bigger bites away from the whales and big tunas.

For further information, contact Sterart Borden, sborden@brendanwood.com or Johann Rodrigues, jrodrigues@brendanwood.com.

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