Stockbroking Suvey 2004
Davy, Goodbody and Merrion have all put in good all-round performances in the FINANCE Annual Stockbroking Survey 2004. Davy topped the league table by winning the most categories at fifteen, compared to its twelve last year. Goodbody has also improved its performance in this year’s survey by winning eleven titles, up from nine last year, while Merrion has out-performed last year’s results, winning four titles in total, including 'Analyst of the Year' for Seamus Murphy.
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New entrants help boost indigenous asset management sector
It has been a turbulent year for the Irish fund management sector, with little growth on the world's stock markets leading to poor performance, which in turn put pressure on the viability of the sector going forward. One leading manager, Hibernian Investment Managers, was almost forced to close during the year, and the leading light of the indigenous sector, Bank of Ireland Asset Management had an ‘annus horribilis’, losing several key staff members, and suffering significant capital out-flows. However, the future looks brighter, with new entrants such as Perpetual Trustees Australia Limited, helping to boost the long-term outlook of the sector. |
Hedge funds and fixed income products spur growth in upbeat environment
After a couple of difficult years, the Irish stockbroking sector is back in business, with two flotations on the Irish Stock Exchange from eircom and C&C over the past year boosting revenues. Moreover, the creation of an Irish version of London’s Alternative Investment Market (AIM) later this year is also expected to increase the number of Irish corporates seeking a public offering. In addition, stockbrokers are also benefiting from the recent influx of hedge fund managers into Dublin, and see this, along with the growth in demand for fixed income products, and the strong private client and asset management business as the greatest opportunities for growth. On the downside, the ‘anomalous’ stamp duty regime continues to be a thorn in the side of the industry. FINANCE spoke to Conor O'Kelly, managing director, NCB Stockbrokers, Tony Garry, chief executive, Davy Stockbrokers, John Conroy, managing director, Merrion Stockbrokers, and Roy Barrett, managing director, Goodbody Stockbrokers. |
FINANCE Stockbroking Survey 2004: Davy, Goodbody and Merrion all improve
Davy, Goodbody and Merrion have all put in good all-round performances in this year’s FINANCE Annual Stockbroking Survey 2004. Davy topped the league table by winning the most categories at fifteen, compared to its twelve last year. Goodbody has also improved its performance in this year’s survey by winning eleven titles, up from nine last year, while Merrion has out-performed last year’s results, winning four titles in total, including 'Analyst of the Year' for Seamus Murphy. |
Davy dominates but others perform well
As in past years, Davy Stockbrokers continues to dominate the ‘Best firm’ categories in this year’s survey, winning six out of seven titles on offer. However, the other firms also polled well, with Goodbody following close behind Davy, and Merrion moving up the rankings. |
Research and execution services matter most
Fund managers say quality of equity research and execution services/ability to deal in size are their top priority when choosing stockbrokers. |
Survey methodology
The survey was carried out amongst fund and asset managers both in Ireland and internationally who do significant business with Irish stockbroking firms. Stockbroking firms and corporates are not included. It was carried out on a web based questionnaire, during the period October-November 2004. |
New winner of equity sales title
Merrion’s O’Carroll topples Davy’s Smith in first win for Merrion in this category. |
Goodbody sweeps the boards in the ‘Best equity analyst’ categories
Goodbody has won eight out of the twelve ‘Best Analyst’ awards, including Neil Clifford’s four awards, while Davy’s John O’Reilly and Merrion’s Seamus Murphy hold onto their titles from last year of ‘Best food & agribusiness’ analyst and ‘Best financials analyst’ respectively. |
Top four take a research title each
The spoils are evenly shared in this section, with each of the four main stockbroking firms winning an award. |
Merrion’s Murphy scoops award for first time
First win for Merrion in this category |
Irish managers on international brokers
International brokers with an Irish presence performed well in this year’s survey. Collins Stewart, Smith Barney Citigroup, and Merrill Lynch, all featured strongly, indicating that the delivery of a local sales service certainly pays off. |
Hunt takes title for third time as he bows out of Goodbody
Colin Hunt has made it three in a row as he scoops the ‘Best research economist’ title in a year that saw him leave Goodbody Stockbrokers to take up a new position as special advisor to the Minister for Transport. |
International brokers perform well this year
The international members of the Irish Stock Exchange, notably Deutsche Bank, have performed very strongly in this year's bonds survey, with Deutsche winning three categories. |
The constants and the changes in the FINANCE Stockbroking Survey 1987-2004
Davy Stockbrokers has been at the top of the stockbroking heap since the survey was introduced back in 1987. The firm has only lost the overall title on two occasions – in 1987 when a Dermot Desmond-led NCB took the honour, and in 2002 when NCB won 16 categories to Davy’s 11. However, while Davy analysts have featured strongly in the individual categories through the years, with Jim O’Leary dominating the ‘Best research economist’ category in the ‘90s, the other firms have also performed strongly, with Goodbody’s Colin Hunt picking up where O’Leary left off, and NCB’s Jim O’Donovan winning the ‘Best equity sales person’ nine times in the late ‘80s, early ‘90s. And in this year’s survey, Merrion has moved into the limelight, winning both the ‘Best financials analyst’ and ‘Best equity sales person’ categories. |
Irish brokers compare well with peers
The quality of the research on offer from Irish stockbrokers compares favourably with research received from international investment bankers Ruth O'Briain, managing director of F&C Ireland, and chair of the Irish Association of Investment Managers tells FINANCE. |
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