The survey, conducted September 13 - November 9, asked 36 investment managers, pension funds and insurers to rank U.S. brokers in both equity and fixed income core transaction management and client management. According to the findings, a broker's operational performance continues to be a deciding factor in both allocating new business as well as retaining existing business.

"Operational performance, client relationship management and technology have been key focus areas for Fixed Income," said Executive Director Cynthia Chow-Coster, Fixed Income Division. "This ranking reflects the collaboration of many groups within FID and the strong client-centric organization that we have developed."

As Executive Director David Oxenstierna, Institutional Equities Division, noted, "Attention to both operations and relationship management is only increasing. We've worked hard to ensure that they comlpement and bolster each other, crucial in winning and keeping clients, making this recognition quite welcomed."

In addition, Morgan Stanley ranked first in equities and second in fixed income for overall client management, which includes client service, client relationship management, product knowledge and regular management information systems. The Firm ranked second in fixed income for core international transaction management, which includes confirmation timing and accuracy, automation, settlement performance, fail management, interest claims and static data management.