The annual Reuters European Equities Investment Survey, carried out by Institutional Investor, polled 404 investment management firms to rank the top investment banks in Europe. Investment managers voted Morgan Stanley number one.

The Firm received 20.42 percent of the vote. Goldman Sachs came second with 16.75 percent and UBS Warburg third with 16.75 percent.

Fund managers considered quality of research product and service in the after-market following a new equity issue as one of the most important factors in ranking the banks. They ranked Morgan Stanley top for due diligence on new equity issues and for pricing of issues.

The Reuters European Equities Investment Survey included votes from 1,504 individuals from 404 investment management firms. Goldman Sachs ranked first in votes including non-investment managers.