The Euromoney publication Global Investor recently ranked Morgan Stanley as the top provider of useful research globally and the most independent research in Europe. The asset management publication compiled responses from 100 of the world's largest asset management firms.

"Whilst managers say they value independence, the reality is that they continue to vote for the breadth and depth of coverage, company access, and discounted trading that the bulge-bracket firms can offer," wrote Global Investor. "This is amply illustrated by this year's survey, where the Wall Street firms dominate the rankings, much to the disappointment of those smaller brokerage outfits who lack a corporate finance arm."

Respondents were asked which global brokers were the best at providing independent and useful research and which local specialists were the best in individual regions. They were also asked a range of questions covering commissions, the importance of independent research, in-house analysts and third-party research. 

Morgan Stanley results:
 
Global
#1 Most useful research
#2 Most improved for independence
 
Europe
#1 Most independent research (up from #5 in '03)
#1 Most useful research (up from #4 in '03)