JPMorgan, Morgan Stanley Continue to Dominate U.S. Sales

研究业务可能正在经历巨大的变化，但顶级销售团队仍然是一样的。

摩根大通（JPMorgan Chase&Co.）和摩根士丹利（Morgan Stanley）连续第三年登上了该行业的榜首亚博赞助欧冠的2019 All-America Sales Team, the ninth annual ranking of the firms with the best sales professionals. JPMorgan retains its first-place position in the generalist sales category, while Morgan Stanley was once again voted the No. 1 firm in specialist sales.

The two firms remained at the top of the leaderboard despite a change in the survey’s methodology — which this year weighted voters’ responses based on equity commissions — as well as changes in the industry at large. The sell-side research industry has continued to be transformed by the shift from active to passive investing and by regulation such as the European Union’s markets in financial instruments directive, according to top providers. The unbundling of research dollars from trading in January 2018 made clients even more discerning, according to Nick Savone, global head of institutional equities sales at Morgan Stanley.

“Clients have adjusted behavior in a post-MiFID environment,” Savone said. “They are being more selective, consuming more of what they value, which has been beneficial for Morgan Stanley given our global research breadth and our overall product offering. MiFID has driven a need for clients to be more concentrated and thoughtful about where they spend their mind share and wallet share. This dynamic has driven the need for the sell-side to be more differentiated.”

Michael Bossidy, head of global equities sales at JPMorgan, concurred that the change in how clients pay for research has also changed the way clients consume research. “MiFID II will never come between J.P. Morgan and our client relationships,” he said. “The mechanism of bundled pay to a more unbundled model has changed, but it hasn’t changed our mission to deliver a first-class product to clients. There is more scrutiny on budgets and methods of delivery have sided a bit more towards lower-touch consumption, but the highest quality product with the most commercial sales teams behind it will continue to win.”

[IIDeep Dive:摩根士丹利、摩根大通拥有一流的销售团队]

2000买方受访者representing more than 620 investment organizations rated the best generalist and specialist salespeople based on five attributes that included understanding of client needs, idea generation, and the ability to add value to research. Leaderboards ranking the top ten firms based on overall votes were produced for both specialist and generalist sales teams. One pair of leaderboards was compiled based on the commissions-weighting, while a second pair was created by weighting voters by assets under management.

在以摩根士丹利为首的佣金加权专家类别中，瑞银排名第二，摩根大通排名第三。德意志银行和美国银行美林分别排名第四和第五。

“我们采取以客户为中心的团队方式，提供高度的灵活性和专业知识，”摩根士丹利的Savone表示。“我们有能力无缝覆盖全球产品的客户，同时还提供专门的行业专业知识以及特定的区域专业知识。坚持这样做对我们的成功至关重要。”

Morgan Stanley placed second in the commissions-weighted ranking of generalist sales teams, which was topped by JPMorgan. In this ranking, Citi Group placed third, BofA Merrill Lynch took fourth, and UBS ranked fifth.

摩根大通美洲机构股票特许经营销售主管丹尼尔•安东内利（Daniel Antonelli）表示：“持续获得高评级的关键在于：对客户需求的深入了解和持续的长期客户关系。”。

The two top-five finishes for BofA Merrill Lynch were notable considering the bank was unranked last year. Susan Riordan, head of Americas advisory sales, reported that the firm has invested in its specialty sales efforts to include the energy, multi-industrial, technology, media, and telecommunications, and healthcare sectors. But “our generalists continue to lead the efforts on account coverage, tailoring Bank of America’s vast resources to help clients with their individual investment process,” she added. “From delivering research to organizing bespoke trips, our goal is to positively impact each investor at every account and help in their investment decisions.”

和她的同龄人一样，Riordan也注意到了研究消费的演变，以及销售团队如何最佳增值的变化。她说：“客户希望随时随地都能进行研究——从传统报告到播客、电话会议、会议、定制旅行和动态单一股票理念讨论。”。“他们想在上下班路上通过手机、桌面或与分析师面对面接触研究。客户希望讨论和辩论单一股票的想法。美国银行专注于创新的研究交付，以便在客户需要时，以何种方式为他们的投资过程增值，与客户提供最佳的联系。”

Evercore ISI, the highest ranked independent research firm to crack the top 10 in II’s generalist and specialist sales rankings, is also investing in technology — and people, according to its head of sales Larry Sibley. “Our sales team has a great balance of seasoned veterans and rising stars; here we invest steadily in the training and development of that rising talent,” he said. “As importantly, we are investing in technology to better enable us to serve our clients. In the past 18 months, we have launched a new [customer relationship management] platform and rebuilt our research distribution platform. Both tools fundamentally help the sales teams serve clients more effectively. I expect technology investments will be critical as we continue to grow.”

但是，在研究潜在的地震威胁时，技术可能是一把双刃剑。西布利说：“我们看到三个威胁——第一个是技术破坏和长期转向电子交易，目前电子交易基本完成。”。“接下来的两个问题已经得到了广泛的讨论——MiFID实现和从主动到被动的转变。这两个转变仍在发生，但尚不清楚何时以及如何最终解决。

他补充说：“随着客户认识到我们研究的价值，并将更多的研究资金集中在我们身上，我们可能会达到MiFID对我们有利的程度。”。“同样，行业整合推动了进一步的差异化。”