Reversal of Fortunes: The 2010 All-Europe Research Team

下跌的情况下来必须提出：这是许多分析师和经纪人在2008年最后一个月和2009年开放周内推出的欧洲股市提供投资者的建议，希望让客户说明该溃败提出了购买机会。然而，相对较少的投资者注意到，宁愿将钱脱离股票并在其他地方寻求避风港。

“Investors entered the year with real concerns that there could be a 1930s-like Depression,” explains Nicholas Pink, London-based director of European equity research at UBS. “Sentiment was negative, and there were serious concerns about the security of the banking system in the West.”

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That sentiment began to shift in early March, after the Bank of England and the European Central Bank simultaneously slashed their benchmark interest rates to their lowest levels then on record, flooding local economies with cash in an attempt to jump-start an economic resurgence. Equity markets took notice: The MSCI Europe index, which had fallen 21.7 percent year to date through March 9, began to rise — and it kept going, ending the year up a whopping 57.6 percent above its low.

“The move was the catalyst for a phenomenal rally in equity prices, as the market moved from discounting a possible Depression to discounting a normal cyclical recovery and earnings,” says Pink.

The rebound in European equity markets seemed to come as swiftly and suddenly as their collapse, spurring a demand for research as investors sought to discover if the rally was sustainable and which sectors and industries offered the greatest potential for profit.

Money Managers说，没有公司在市场上的一年内获得更好的工作，比UBS在市场极端的一年内，这为第九届跑步领导全欧洲研究团队，机构投资者的第25届年度排名最高的股权分析师。亚博赞助欧冠瑞士银行抓住了28个团队职位，比三家公司为第二名：信贷瑞士，去年从第五位跳起来;J.P. Morgan从第四起升起;和野村国际，其中来自第八名的弹射。

四分之一五分之一是Bofa Merrill Lynch全球研究，21个团队职位;该公司去年排名第二。结果基于来自大约500个机构的1,100名投资人员和投资人员在欧洲股市管理估计5.4万亿美元的响应。

Fifteen of the analysts who lead or co-lead top-ranked teams in this year’s survey are enjoying their first visit to the winner’s circle. Profiles of the teams ranked first, second or third in each of this year’s 44 sectors can be found on the index page of the今年最佳欧洲分析师：2010年全欧洲研究团队.

欧洲股市恢复的速度向扩大覆盖率的速度争夺了一些大型全球银行争先恐后的覆盖范围，并在努力通过信用相关损失击中遭受殴打殴打的底线以上仅消除的分析师职位。Chris Carpmael, Credit Suisse’s London-based co-head of cash equities (excluding trading) and former director of European equity research, says the firm cut its number of European equity researchers early in the year by about 3 percent, but then he hired back the same amount and ended 2009 with roughly 130 analysts tracking about 700 stocks. The firm plans to expand coverage by 5 to 10 percent this year, he adds.

Pink describes a similar situation at UBS. “The extreme business conditions in the first quarter demanded that we make tough decisions, but we’ve been steadily hiring since July and will continue to hire throughout 2010,” he says. The firm reduced its analyst head count from 99 to 95 at the start of 2009 and reined in coverage by about 4 percent, from 816 companies to 784.

据Paul Norris是欧洲股权研究领导的说法，Nomura发现自己面临着相当不同的挑战。日本银行于2008年秋季获得了雷曼兄弟持有的亚洲和欧洲行动，并寻求尽快整合行动。“这是一个主要的IT项目，可以将前雷曼前台系统联系在野村后台办公室，”他说，并指出该公司于2009年1月中旬重新启动其欧洲贸易平台。由于重叠，一些分析师被放弃了而其他人被聘用，因此该公司可以扩大其商业和就业服务，资本商品，休闲和酒店，石油和天然气，制药和运输的覆盖范围。

“We were one of only a handful of firms hiring leading analysts in the first half of 2009,” says Norris, who is based in London. The firm brought in 20 senior researchers, for a total of 125 analysts covering 470 companies. “We will continue to look for star hires and add strength and depth to the research teams in 2010,” he adds.

Sanford C. Bernstein将一个梯级升至9号，并将其团队职位从五到十倍加倍，是另一家在危机中找到机会的公司。“我们都受到压力，但我们没有削减员工或脱落任何分析师，”伦敦全球研究总部罗伯特·瓦布鲁吉说。事实上，伯恩斯坦增加了15至20日的出版分析师的数量，在航空航天和国防，资本商品，医疗保健，保险和天然气中加入研究人员，并在欧洲的市场份额翻了一番，van Brugge说。该公司最近聘请了建筑和建筑和化学品的分析师;他补充说，他们将在今年晚些时候开始出版研究。

对研究和蓬勃发展的股票市场的不断增长并不意味着生命已经恢复正常。“欧洲股权委员会为整个市场的销售方面的委员会在美国美元的术语中相当剧烈地逐渐下降，因为交易较少，”范德格解释道。“由于委员会与股票融为一体，因为股票价值较低，委员会收入较低。”

Pink, of UBS, concurs. “The cumulative fall in clients’ assets since mid-2008 had a knock-on impact on our clients’ first-quarter commissions, and therefore our business,” he says.

As commissions have fallen, competition has risen. Some investors say that the crisis has prompted them to solicit research from a greater number of sources. Eric Melloul, a buy-side European utilities analyst with New York–based money management firm TIAA-CREF, says he sought out a wide variety of sell-side research last year to find opinions that might counter his own. “It was interesting to see how analysts with nonconsensus views interpreted news flow or short-term market moves,” he says. “My commissions for the utility sector have become more fragmented as a result of the distribution to a larger number of the brokers.”

竞争肯定会加强欧洲股市飙升，但顶层分析师就像成员一样2010年全欧洲研究团队将始终让观众渴望提供他们提供的信息，洞察力和指导 - 特别是在像刚刚结束的那样喧嚣的年份之后。

“It’s been a roller-coaster year, but we are pleased that we added a lot of value to our clients,” says Pink.

To read analysts' profiles, go to the index page:今年最佳欧洲分析师：2010年全欧洲研究团队.

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