Countries: Nordic Countries – Third

Karl Berglund & team, ABG Sundal Collier

ABG Sundal Collier was No. 2 last year under the leadership of Malene Brøndberg, who left the firm in January 2011. Working out of Stockholm, newcomer Karl Berglund guides the 35-analyst squad to a third-place finish this year. “For me it’s all about the stocks — and their recommendations are spot-on,” says one investor. The researchers are advising clients to focus on companies that have made strong inroads into emerging markets, “as the road to salvage the euro will continue to be bumpy,” Berglund predicts. Top picks among the 250 companies under coverage include Oslo’s Aker Solutions — an engineering and construction concern whose recent divestment of noncore assets should result in operational efficiencies and “be a driver” of improved profitability, he explains — and Danish brewer Carlsberg, which the team believes will see solid earnings growth this year.