| International brokers perform well this year |
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| 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. |
AIB PDU’s dominance in last year’s survey has subsided this year, with Deutsche Bank taking pole position in bonds, winning ‘Best overall bond/fixed income research’, ‘Best for ability to deal in size/execution service’ and ‘Best research products’. This is the first year that the brokerage has polled so well, and is perhaps indicative of increasing competitive pressures on Irish bond dealers as the number of members of the Irish Stock Exchange (ISE) continues to increase. The latest member to join was French bank CCF S.A.
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Davy has moved up from third place last year to win the ‘Best sales service’ category, pushing Deutsche Bank into second place, and it has also won the ‘Best back office/settlement’ award, with ABN AMRO coming in second place.
International firms performed best for charges and commission, with ABN AMRO coming out on top followed by Deutsche Bank.
Analyst ratings
Liam Lynch has won the ‘Best bond analyst’ award, in a first both for himself and Goodbody in this category. Last year’s winner, Shane Lawless of AIB PDU, has again polled strongly, coming in third place, and last year’s runner-up and winner in 2002, Donal O’Mahony of Davy maintains this position this year.
However, in the ‘Best economist’ category, O’Mahony comes out on top, beating the likes of Colin Hunt of Goodbody and last year’s winner Dermot O’Brien, to the prize.
Analysts at Bloxhams also did well in these sections, with Ann Barrett coming fifth in the ‘Best bond analyst’ category and Alan McQuaid coming in fifth in the ‘Best economist’ award.
Performance ratings
Unlike in the equities section, where equity research was the most important criteria fund managers look for in a broker, fixed income fund managers are more concerned with day-to-day sales service offered, which Davy will be pleased to hear, as it won the ‘Best sales service’ category. This marks a change from last year when quality of bond research was the most important aspect of a broker’s service. This year it has slipped down to fourth place in order of importance.
Following this, execution and ability to deal in size, is the second most important factor, moving up from fourth place last year. As was the case last year, ancillary research services such as seminars and commission charges are deemed to be the two least important elements of a stockbroker’s service. |
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