In the editorial accompanying the results, Charles Scott, director of European Research, pointed to the fact that in 1998, Morgan Stanley expanded its European equity universe by one third, adding new and growth companies and breaking down expanding sectors such as telecommunications and technology. We also enlarged our quant and credit analysis capabilities and coverage of the UK "We've increased the number of sector analysts by nearly 50 percent and the number of stocks covered by more than 50 percent," he said, "but we're still relatively small."

Morgan Stanley Rankings

Overall Rankings

Category	1999		1998
Overall Ranking	3		11
Number of 1st Team Positions	37		9
Number of 1st Team Positions	7		2
Number of 2nd Team Positions	11		3
Number of 3rd Team Positions	11		4
Number of Runner-up Positions	8		0

Sections:
The ballot for this year's All-Europe Research Team contained five separate sections, in which Morgan Stanley ranked as follows:

Category	1999	1998
Continental Sectors	1	4=
Pan-European Sectors	1=	N/A
Strategy & Economics	3=	Not ranked
UK Sectors	4=	Not ranked
Countries	Not ranked	Not ranked
Note: = indicates a tie

Sector Rankings
Given below are this year's individual sector rankings:

First Team Positions (seven in total):
Section	Category	Analysts
Pan European:	Food producers	Sylvain Massot & team
	Paper	Mads Asprem & team
	Utilities	Michael Sayers & team
Continental:	Luxury goods	Claire Kent & team
	Media &  Entertainment	Rebecca Winnington-Ingram & team
UK:	Retailers/food	Andrew Fowler & team
Strategy & Economics:	Equity strategy (developed European markets)	Richard Davidson & team
Second Team Positions (11 in total):
Section	Category	Analysts
Pan European:	Banks	Alan Broughton & team
	Media	Rebecca Winnington-Ingram & team
	Pharmaceuticals	James McKean & team
	Technology	Angela Dean & team
Continental:	Banks	Alan Broughton & team
	Beverages	Sylvain Massot & team
	Building materials	Emilio Alvarez & team
	Engineering &  Machinery	Gideon Franklin & team
	Food producers	Sylvain Massot & team
	Technology	Angela Dean & team
UK:	Telecommunications	Paul Marsch & team
Third Team Positions (11 in total):
Section	Category	Analysts
Pan European:	Insurance	Rob Procter & team
	Telecommunications  Services	Michael Armitage & team
Continental:	Autos	Greg Melich & team
	Insurance	Rob Procter & team
	Paper & packaging	Mads Asprem & team
	Pharmaceuticals	James McKean & team
	Telecommunications  Equipment	Angela Dean & team
	Telecommunications  Services	Michael Armitage & team
UK:	Pharmaceuticals	Duncan Moore & team
Strategy & Economics:	Economics (developed European markets)	Joachim Fels & team
	Russia	John-Paul Smith & team
Runner-up Positions (eight in total):
Section	Category	Analysts
Pan European:	Transport	Martin Borghetto & team
UK:	Beverages	Alexandra Oldroyd & team
	Electricity	James Hutton-Mills & team
	Engineering	Tim Bennett & team
	Food producers	Claire Kent & team
	Media	Vighnesh Padiachy & team
Strategy & Economics:	UK equity strategy	Kevin Gardiner & team
	UK economics	Richard Davidson & team

The full results can be found in the February edition of Institutional Investor (international edition).