SOURCE: Institutional Investor

Institutional Investor

March 09, 2010 09:00 ET

BofA Takes Top Spot in Institutional Investor Ranking of Best Emerging EMEA Coverage

Russian Firms Troika Dialog, VTB Capital Make Huge Advances in Seventh Annual Survey

NEW YORK, NY--(Marketwire - March 9, 2010) -  BofA Merrill Lynch Global Research provides the best equity coverage of the emerging markets of Europe, the Middle East and Africa, according to participants in the 2010 Emerging EMEA Research Team survey, Institutional Investor's seventh annual ranking of the region's best equity analysts.

Full list of results can be found at www.iimagazine.com

Mark Iannotti, who became the firm's head of emerging EMEA equity research last July, says that while other banks were scaling back operations, BofA was standing firm.

"We wanted to keep the commitment to emerging markets in terms of our coverage footprint, even with the pullback from clients in terms of overall interest levels in the early part of the year," says Iannotti, who is based in London. "We took the view that even though 2009 would be a difficult year, the longer-term growth will be in the emerging markets, so we were reluctant to reduce exposure." The commitment appears to be paying off.

Last year's top-ranked firm, Renaissance Capital, slips to second place. The Moscow-based outfit shrunk its research operations as markets were pummeled in late 2008 and early 2009, because "demand for top-level equity research was decimated," according to Roland Nash, RenCap's head of research. The firm is in growth mode again and plans to add dozens of analysts and coverage of scores of companies over the next few months.

Deutsche Bank jumps from No. 5 to No. 3, and Troika Dialog vaults from No. 8 to tie for fourth place with UBS. Newcomer VTB Capital shoots straight in at No. 7.

Full list of results can be found at www.iimagazine.com

For more information about this ranking, please contact Alyssa Walker at awalker@iiresearchgroup.com or (212) 224-3677.

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