Numbers published in the January/February issue of Alpha magazine rank Morgan Stanley the top trading desk for execution and sales-trading service. Among the hedge funds, Morgan Stanley placed first in all four categories, which included:

• Best execution for NYSE-listed equities
• Best execution for NASDAQ shares
• Best sales-trading service for NYSE-listed equities
• Best sales-trading service for NASDAQ shares

Alpha's sister publication, Institutional Investor, polled 80 fund managers, who manage nearly US$156bn collectively, to determine which desk they favored. According to Alpha, which parsed the hedge fund numbers, the rankings reflect the Firm's "integrated package of services that it offers to hedge funds, rather than just superior execution."

These rankings echo recent Client Feedback Program data gathered for North American Equity Sales and Trading. Among 62 head traders at hedge funds representing 54 clients, 56 percent were "delighted" with the Firm's sales-trading service and a higher-than-average percentage were "delighted" with its execution.

"We look at these rankings as a recognition of our overall strategy," said Managing Director Brian Fagen, Institutional Equity Division. "We've maintained that providing value-added resources and ideas, in effect investing in our clients, leads to increased client satisfaction and higher market share. Our sales traders and traders work hard for our clients, and this is a great acknowledgement of that."

The Client Feedback Program reported that funds felt the Firm excelled in several areas, including: coordination across product groups, higher-quality people and better product flow.

Among all managers, Morgan Stanley ranked second overall for best sale-trading service for both NYSE and NASDAQ listings. For execution for NYSE and NASDAQ listings, the Firm ranked second and third, respectively.

Morgan Stanley was the only brokerage to rank in the top three overall in every category.