For the third year in a row, Euromoney magazine ranked Morgan Stanley Best High Grade Research Team in the publication's annual poll of investors, published April 2003.

In addition to this distinction, the Firm topped the rankings in four categories and placed top three in four additional rankings across all the Investment Grade and ABS categories surveyed.

Cathy Gronquist, Director of International Credit Research, attributes her team's triumph to a number of elements, including teamwork: "We've worked very closely with equity research and equity strategy to get their perspective, whether it's on pensions or earnings, to give more depth to the story." Affirming the Firm's client-centric culture, Euromoney noted that " Nearly all the poll-winning analysts interviewed emphasized practical advice to investors, but Morgan Stanley's model portfolio helps its analysts to think even more like investors."

Results

Best Overall Research Team in High Grade

1. Morgan Stanley, Cathy Gronquist & Team
2. Deutsche Bank
3. BNP Paribas

Best in High Grade General Industries

1. Morgan Stanley, David Meade & Team
2. Deutsche Bank
3. CSFB

Best in High Grade Automotives

1. Morgan Stanley, David Meade & Team
2. CSFB
3. Deutsche Bank

Best in High Grade Consumer Products

1. Deutsche Bank
2. Citigroup
3. Morgan Stanley, Ilona Brom & Team

Best in High Grade Banks

1. Morgan Stanley, Jackie Ineke, Olivia Guillard, Carlo Mareels
2. Goldman Sachs
3. Deutsche Bank

Best in High Grade Insurance

1. Morgan Stanley, Fiona Thompson, Jackie Ineke
2. UBS Warburg
3. Deutsche Bank

Best in High Grade Credit Strategy

1. JP Morgan
2. Morgan Stanley, Neil McLeish, Steve Dulake & Team
3. Deutsche Bank

Best in High Grade Credit Derivatives

1. JP Morgan
2. Deutsche Bank
3. Morgan Stanley, Viktor Hjort & Team

Best in Asset Backed

1. Deutsche Bank
2. DrKW
3. Morgan Stanley, Robert Paterson & Team

Methodology
Euromoney asked investors to rate analysts and teams for the categories indicated. The credit research houses themselves nominated the teams. Scores were given in the ratio 5:4:3:2:1 for first, second, third, fourth and fifth place nominations respectively.

There were 950 valid replies in total. Completed questionnaires were received from all 100 of the groups ranked by assets under management in the Institutional Investor Euro 100 league table of top fund managers.