Financial Institutions – Property: Second

Bernd Stahli’steam of two at Bank of America Merrill Lynch lands in second place for a fourth consecutive year. The analysts, who work out of London, added coverage of 11 names last year, bringing their total to 40. Top picks for 2013 include two U.K.-based real estate investment trusts: Great Portland Estates — “the best play on the strength of the West End market in London,” Stahli says — and Hammerson, which has “streamlined its business and reduced leverage.” Restructuring will be a key theme this year, as it was in 2012, he notes. “The deleveraging of capital-intensive industries in what is a low-growth environment is leading the companies to self-help to improve shareholder returns,” the team leader explains. Clients appreciate his insights. “Bernd has done a great job highlighting the structural issues facing the listed European real estate industry,” says one. —Leslie Kramer