Greenwich Associates today announced its 2013 Greenwich Share and Quality Leaders among emerging market equity brokers. Share and Quality Leader designations are awarded to brokers based on the results of interviews conducted by Greenwich Associates with 300 institutional investors in CEEMEA (including South Africa) and Latin American equities. Greenwich Share Leaders are firms whose receive quality ratings from their institutional clients that top those awarded to competitors by a statistically significant margin.
CEEMEA Equity Brokerage Leaders
Bank of America Merrill Lynch’s 13.9% commission-weighted vote share in research and advisory services easily secures the firm the number-one spot in CEEMEA (including South African) equities for 2013. Deutsche Bank and Morgan Stanley are deadlocked for second with vote shares of 9.7–10.1%, followed by J.P. Morgan, Credit Suisse and Citi, which are all statistically tied with vote shares of 8.0–9.2%. These firms are the 2013 Greenwich Share Leaders in CEEMEA Equity Research and Advisory Services.
The 2013 Greenwich Quality Leaders in CEEMEA Equity Research & Analyst Service are Bank of America Merrill Lynch, Deutsche Bank and J.P. Morgan. In CEEMEA Equities Sales, the 2013 Quality Leaders are Bank of America Merrill Lynch and Deutsche Bank.
CEEMEA is an aggregation of discrete and geographically dispersed regional and country markets including Russia—by far the biggest—Eastern Europe, the Middle East/North Africa, Turkey and South Africa. “Most of the Greenwich Leaders have a strong presence in in the important Russian market, and most have built a relatively broad franchise spanning several of the individual CEEMEA markets,” explains Greenwich Associates consultant Jay Bennett. “But because of the sheer breadth of the CEEMEA designation and the vast differences from market to market, no firm can claim leadership in all these geographies. Brokers pick their spots, and individual firms will be strong in certain markets and have less of a presence in others.”
Latin American Equity Brokerage Leaders
BTG Pactual’s commanding position in Brazilian equities has propelled the firm to the top spot among providers of equity research and advisory services across Latin America. The Latin American equities business is driven by the Brazilian and Mexican markets. BTG leads all brokers with a 12.2% commission-weighted vote share in Latin American Equities Research and Advisory Services. Next is a tightly packed group of brokers who are tied from a statistical standpoint with vote shares of 9.6–10.9%. Included in this group are Morgan Stanley, J.P. Morgan, Bank of America Merrill Lynch, Banco Itau and Credit Suisse. These firms are the 2013 Greenwich Share Leaders in Latin American Equity Research and Advisory Services. The 2013 Greenwich Quality Leaders in Latin American Equity Research & Analyst Service are BTG Pactual and Morgan Stanley. In Latin American Equity Sales, the 2013 Greenwich Quality Leaders are Banco Itau, Bank of America Merrill Lynch and BTG Pactual.
“The Brazilian banks — particularly BTG — have successfully built out from their solid, domestic franchises to expand their coverage with U.S. and European clients,” says Greenwich Associates consultant John Colon. “Meanwhile, global banks in recent years took advantage of what was then strong demand for Latin American equity products among their clients in North America, Europe and elsewhere.”