Country Sectors - Iberia: Third

THIRD TEAM

Virginia Sanz-de-Madrid & teamDeutsche Bank

The Deutsche Bank quartet directed by Virginia Sanz-de-Madrid rises from runner-up to third place. “They’ve been keeping us up to speed with conference calls on Spain’s real estate troubles and Portugal’s debt problems — their information has been timely, accurate and insightful,” says one appreciative U.S. client. Last February the Madrid-based team downgraded EDP Renováveis from buy to hold, at €6.35, on concerns that the wind-power generator, which is headquartered in Madrid, would be adversely affected by falling electricity prices in the U.S., among other factors. The stock ended the year at €4.34, a 31.7 percent downdraft that lagged Europe’s broad market gust by 38.8 percentage points.