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On August 9, 1999, Financial News announced that Morgan Stanley ranked first in global equity research firms in its third annual poll of polls. Morgan Stanley moved up from its number three spot in 1998, with 13.1% of the vote and 2,259 total points.
In U.S. rankings, Morgan Stanley moved to first from a second place position in 1998, with a 200 point lead. Of Morgan Stanley's overall votes, the U.S. accounted for 52%, and Financial News states that this surge in votes is largely due to the U.S. market. Morgan Stanley also dramatically improved its European rankings; its UK votes increased more than fourfold this year, and its Continental votes nearly doubled. Morgan Stanley also performed particularly well in the pan-European rankings in the biggest sectors. In Japan, Morgan Stanley ranked second.
Mayree Clark, global head of equity research at Morgan Stanley, said, "We have worked very hard to develop the consistency of our research product worldwide. Our two hallmarks are consistency of quality and the integration of the research product across different regions by applying a common intellectual framework."
Financial News' poll underscores the extent of the consolidation in the global securities industry. For the past two years, Merrill Lynch has been the only firm to win more than 10% of the global research vote, but this year Merrill, Morgan Stanley and Goldman Sachs all broke into double figures. The three firms together command 36.3% of the total vote.
Top 25: Global Equity Research
| 1999 Rank |
1998 Rank |
Firm |
% Vote
1999 |
Score |
% Vote
1998 |
Change vs. 1998 |
| 1 |
3 |
Morgan Stanley |
U.S. |
13.06 |
2,259 |
8.98 |
4.08 |
| 2 |
1 |
Merrill Lynch |
U.S. |
12.63 |
2,186 |
12.71 |
-0.08 |
| 3 |
2 |
Goldman Sachs |
U.S. |
10.64 |
1,841 |
9.51 |
1.13 |
| 4 |
4 |
Salomon Smith Barney |
U.S. |
8.26 |
1,428 |
6.9 |
1.36 |
| 5 |
5 |
Warburg Dillon Read |
Sw |
5.48 |
948 |
6.18 |
-0.70 |
| 6 |
7 |
Credit Suisse First Boston |
Sw |
5.38 |
930 |
4.21 |
1.17 |
| 7 |
6 |
Donaldson, Lufkin & Jenrette |
U.S. |
3.88 |
671 |
4.43 |
-0.55 |
| 8 |
8 |
BT Alex Brown |
U.S. |
3.46 |
598 |
3.52 |
-0.06 |
| 9 |
13 |
JP Morgan |
U.S. |
2.96 |
513 |
2.39 |
0.57 |
| 10 |
11 |
Lehman Brothers |
U.S. |
2.86 |
495 |
2.85 |
0.01 |
| 11 |
10 |
Schroders |
UK |
2.72 |
471 |
3.09 |
-0.37 |
| 12 |
12 |
Bear Stearns |
U.S. |
2.62 |
452 |
2.66 |
-0.04 |
| 13 |
14 |
Paine Webber |
U.S. |
2.41 |
416 |
2.28 |
0.13 |
| 14 |
16 |
Nomura |
Jap |
2.37 |
410 |
2.17 |
0.20 |
| 15 |
9 |
Deutsche Bank |
Ger |
2.00 |
347 |
3.12 |
-1.12 |
| 16 |
15 |
Sanford Bernstein |
U.S. |
1.94 |
360 |
2.28 |
-0.34 |
| 17 |
20 |
Prudential Securities |
U.S. |
1.67 |
290 |
1.58 |
0.09 |
| 18 |
17 |
HSBC Securities |
UK |
1.53 |
266 |
1.88 |
-0.35 |
| 19 |
19 |
ABN Amro |
Neth |
1.39 |
240 |
1.72 |
-0.33 |
| 20 |
21 |
SG Securities |
Fra |
1.25 |
217 |
0.98 |
0.27 |
| 21 |
18 |
Dresdner Kleinwort Benson |
Ger |
1.22 |
211 |
1.76 |
-0.54 |
| 22 |
23 |
Flemings |
UK |
0.96 |
167 |
0.7 |
0.26 |
| 23 |
25 |
CIBC Oppenheimer |
U.S. |
0.76 |
131 |
0.64 |
0.12 |
| 24 |
24 |
Daiwa |
Jap |
0.61 |
106 |
0.67 |
-0.06 |
| 25 |
22 |
Fox, Pitt-Kelton |
Sw |
0.59 |
102 |
0.79 |
-0.20 |
Source: Reuters Surveys, Institutional Investor, Primark Extel, MSCI
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