The 2011 All-Russia Research Team - Institutional Investor
VTB CAPITAL FINISHES ON TOP IN RUSSIA RESEARCH
Russia would be a buyer’s market, many analysts and market observers believe, but insufficient reporting and disclosure — coupled with an uncertain political environment ahead of parliamentary and presidential elections — have been scaring off investors. Plunging commodities prices, a strengthening dollar and lingering jitters about the viability of the global economic recovery have also taken a toll on investor confidence — and Russian stocks. The benchmark Russian Trading System index, which had notched a year-to-date gain of 14 percent by early March, tumbled along with the price of oil and by mid-May was up only 4.3 percent for the year.
Money managers depend on guidance from informed analysts to help them keep short-term volatility in perspective and create portfolios that are likely to withstand such nerve-wracking market gyrations, and they say no firm does a better job of providing that guidance than VTB Capital, which leads the 2011 All-Russia Research Team, Institutional Investor’s eighth annual ranking of the country’s top equity and fixedincome researchers.
VTB Capital leaps from fourth place to finish on top for the first time, with 14 positions — eight more than in 2010. Troika Dialog, which tied for first place last year, ranks second; the firm captures 12 spots, one fewer than last year. Despite picking up two more positions, for a total of nine, Deutsche Bank holds steady in third place, for a third year running. Renaissance Capital, which led or co-led the team for the past seven years, tumbles to No. 4 after losing eight positions, leaving it with five. Three firms — Credit Suisse, J.P. Morgan and UralSib Capital — tie for fifth place; they claim two spots each.
To view the complete list of winning firms, click on the Leaders link located in the navigation table on the right. To view the top-ranked researchers in each of the survey’s 12 sectors, click on The Best Analysts of the Year. The full list of winning analysts, including those ranked second, third and runner-up, is available to subscribers only.
For information about how this ranking was compiled, click on Methodology. For information about our detailed Research Team reports, please contact Alyssa Walker at awalker@iiresearchgroup.com.
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