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LEHMAN LEADS INSTITUTIONAL INVESTOR’S ALL-AMERICA RESEARCH TEAM FOR SECOND YEAR NEW YORK – For a second consecutive year, Lehman Brothers takes first place in Institutional Investor magazine’s All-America Research Team survey, with 51 positions on the team. Merrill Lynch rises from third place to second, with 39 team positions. A relative newcomer to the upper echelons of the U.S. research business, UBS jumps two spots to third, with 34 slots on the team. By contrast, Morgan Stanley has 32 positions, four fewer than last year, and drops from second to fourth. Smith Barney Citigroup slips to fifth place from fourth last year, with 31 team positions, three fewer than in 2003. Institutional Investor’s 33rd annual All-America Research Team is based on responses from almost 3,500 portfolio managers and buy-side analysts from nearly 700 institutions who were asked to identify the brokerage firm analysts whose work they found most valuable over the preceding 12 months. The 2004 All-America team includes 334 individual analysts from 18 brokerage firms who specialize in 71 industries or macro research disciplines. The historic $1.4 billion settlement with regulators over tainted securities research 18 months ago has caused unprecedented upheaval at Wall Street research departments, as budgets have been slashed, paychecks chopped and analyst ranks pruned. Although many All-America team voters expressed frustration with the exodus of talented, experienced analysts from Wall Street, II’s survey shows that respondents are more satisfied now with the quality of research than they have been since 2000. Almost 70 percent of those responding say that sell-side analysts today are more objective and accurate — and less prone to conflicts — than they were before the regulatory crackdown. Below are the top brokers ranked by the number of positions their analysts hold on the 2004 All-America Research Team: Rank 2004 2003 1 1 Lehman Brothers 2 3 Merrill Lynch 3 5 UBS 4 2 Morgan Stanley 5 4 Smith Barney Citigroup 6 8 Bear, Stearns & Co. 7 6 Credit Suisse First Boston 8 6 Goldman, Sachs & Co. 9 13 Sanford C. Bernstein & Co. 9 8 J.P. Morgan Securities 11 11 Banc of America Securities 12 11 Prudential Equity Group 13 10 Deutsche Bank Securities 14 14 International Strategy & Investment Group 15 — Empirical Research Partners 15 16* Schwab SoundView Capital Markets * Schwab Washington Research Group and SoundView Technologies Group merged as of January 2004. The firms were among those tied for 16th last year. Institutional Investor magazine, the premier financial monthly, has won 86 awards for editorial excellence in 38 years of publication. Source: 10/15/2004 MMag 410_010 Company: Lehman Brothers Contact: Kim Lemmonds , klemmonds@institutionalinvestor.com , Phone: 212-224-3650 |
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