Europe's Best of the Buy Side

去年这个时候，许多欧洲销售方股权研究分析师和U.K.想知道在买方面可能有更好的机会。从美国开始的次级抵押贷款危机中源于大规模的信贷相关损失，并在全球派遣冲击波正在促使Bulge-Bracket公司削减预算和削减工作人员，包括股权研究分析师。但买方公司和对冲基金仍在招聘。

In the months since, the crisis has grown into the greatest global downturn in decades. Buy-side firms have seen their asset balances knocked down by the one-two punch of market depreciation and record investor outflows, the hedge fund industry has been hammered, and the market for equity analysts has all but evaporated.

“Compared with 12 to 15 months ago, there are now many more buy-side research candidates on the market and, as a result, competition between these individuals for the available jobs is fiercely competitive,” says Kirsty Holland, manager of the asset management division at Morgan McKinley, a London-based financial services recruiting firm.

Opportunities do exist, but only for the best analysts — the very people who are least likely to be out of a job, explains Andrew Hanson, London-based director of financial services recruiting at executive search firm Robert Walters. “People are cautious about moving, and employers are doing all they can to keep their top talent,” he says.

To be considered top talent, a buy-side analyst must understand the ups and downs of daily issues that drive share prices, communicate to portfolio managers the information they need to devise strategies for staying ahead of volatility and gauge the timing of the market’s turns so that managers can move from defensive stocks to undervalued names that will bounce when the market hits bottom. Analysts with such myriad skills can be found on Europe’s Best of the Buy Side,亚博赞助欧冠’s annual roster of the top equity researchers at money management firms, as determined by their sell-side counterparts. Results for 2009 are based on responses from more than 400 analysts at 80 firms, including those who received votes in our 2009All-Europe Research Team和Emerging Europe, Middle East & Africa Research Teamsurveys. Participants were asked to name the top buy-side performers in the sectors they cover; those cited most frequently can be found in the table below.

在这种动荡的经济环境中，“买方变得更加重要，”SociétéGénérale资产管理巴黎分析师Esther dijkman表示，她在欧洲最好的欧洲在保险中出现了第二次。Dijkman已经坐在墙壁的两侧，三年前从Socgen的卖侧单元搬到了。她说，由于较小的经纪人封闭当地办事处和更大的衡量球队的尺度，买方分析师必须拿起懈怠，更频繁地跟踪更多股票和公司管理层。

“买方分析师的作用重要性增加，”Cominvest资产管理的Giovanni Trombello同意，涵盖家用和个人护理产品和奢侈品，并使他在欧洲最好的购买方面的首次出现。“随着许多公司避免提供财务指导，他们有效地向我们借助我们的工作，”法兰克福的分析师补充道。

根据Trombello的Cominvest同事的顾问，涵盖两种技术部门，半导体和软件，并在欧洲最好的购买方面出现第二直直年，根据其他方式，买方分析师的生活在其他方面改变了其他方式。

“Our focus has changed from concentrating on where there are chances to where there are risks,” he says. Historic volatility and widespread losses have prompted analysts to use different tools than in the past because there are no earnings to analyze; Ries says that to gauge a company’s performance and prospects, he compares enterprise value-to-book and enterprise value-to-sales ratios to peers’ and to historic levels. “The ‘worst-case scenario’ is discussed much more than in the past,” he says.

即使是最坏的情况通过，这些分析师的客户也可以舒适地被欧洲最好的买边。

To view profiles of Chris Braendli, Robert Haim, Lara Pellini and Francesco Sedati click on their names below.

Europe's Best of the Buy Side

JoëlleBenHamida. Pictet Wealth Mgmt

Household & Personal Care Products, Luxury Goods

Steven Ho

JPMorgan Asset Mgmt

汽车零件，石油和天然气

Arnaud贝斯

Lombard Odier

饮料，食品生产商

Kerstin Landau

RCM–Allianz Global Investors

Aerospace & Defense, Business & Employment Services

Chris Braendli

AllianceBernstein

Utilities

Peter Lawrence

JPMorgan Asset Mgmt

Aerospace & Defense, Capital Goods

Jacques Chazelle

Crédit Agricole Asset Mgmt

Luxury Goods, Retailing/Food & Drug Chains

Felicie Lhoste

Société Générale Asset Mgmt

Building & Construction, Capital Goods

Alberto Chiandetti

FIL Investments International

Italy

Lara Pellini

Capital World Investors

零售/食品和药物链，零售/一般

Bertrand Cliquet

Lazard Asset Mgmt

Utilities

Johannes Ries

Cominvest Asset Mgmt

Technology/Semiconductors, Technology/Software

Damien Dierickx

CM-CIC Asset Mgmt

Autos & Auto Parts, Utilities

Daniel Sarp

Deka Investment

Banks

Esther Dijkman

Société Générale Asset Mgmt

Insurance

Francesco Sedati.

Fidelity International

Banks

Juan Fuente Carral

Bankinter Gestión de Activos

Technology/Software, Telecommunications Equipment

Carlos Siegrist.

Santander Asset Mgmt

Telecommunications Equipment, Telecommunications Services

José Fuentes

BBVA Asset Mgmt

Utilities

Warwick Smith

Santander Asset Mgmt

Beverages, Media

Alfonso Guerra

Santander Asset Mgmt

Tobacco

Giovanni Trombello

Cominvest Asset Mgmt

Household & Personal Care Products, Luxury Goods

Philip Haigh

UBS Global Asset Mgmt

Technology/Semiconductors, Technology/Software

Alberto Vigil-Escalera

Santander Asset Mgmt

Metals & Mining, Paper & Packaging

Robert Haim

JPMorgan Asset Mgmt

Insurance