Correction: In yesterday’s story "Greenwich Names Best in Equities for Trading and Research," Traders Magazine incorrectly reported the order of ranking of firms in four categories. For categories measuring quality of services, Greenwich’s Quality Leader report listed firms in alphabetical order and not by the actual client ranking. Traders Magazine regrets the error.
The buyside’s brain trust has voted for its preferred brokerage firms for trading, research and sales services. And Greenwich Associates has taken note in its 2010 Share and Quality Leaders report. The annual survey, which segments the industry into eight categories, was released this week.
Credit Suisse led the charge in market share for U.S. equity trading with 8.9 percent of institutional trading commissions, according to Greenwich survey results. In a tight race, it was followed by JPMorgan at 8.6 percent, Goldman Sachs and Bank of America Merrill Lynch both at 8.3 percent, and Morgan Stanley rounding out the top five at 7.9 percent.
Goldman Sachs topped U.S. portfolio trading market share, at 13.5 percent. Credit Suisse was in the hunt at 11.9 percent. Morgan Stanley nipped at the heels with 11.8 percent. Bank of America Merrill Lynch followed with 9.7 percent. Citi filled out the fifth place at 9.2 percent.
In the Greenwich survey’s research/advisory vote share, JPMorgan led with 11.9 percent of the vote share. Credit Suisse placed second with 10.4 percent. It edged Morgan Stanley, which had 9.2 percent. They were followed by Citi, with 8.2 percent, and Sanford C. Bernstein, with 8 percent.
In the categories that recognized quality of service, Greenwich Associates listed firms in alphabetical order, and not by rank. Those firms awarded for the highest U.S. equity sales and research quality included Barclays Capital, Credit Suisse, JPMorgan and Sanford C. Bernstein
For U.S. equity trading quality, the buyside recognized Barclays Capital, Credit Suisse, JPMorgan and Morgan Stanley.
For North American portfolio trading quality, the buyside surveyed gave high marks to Credit Suisse, Investment Technology Group and Morgan Stanley.
Greenwich Associates interviewed 219 U.S. equity fund managers about the research and sales services they received from their brokers. Greenwich also interviewed 286 U.S. equity traders about the trading services their brokers delivered. Both sets of interviews took place between December 2009 and this past February.
In the category for U.S. small- and mid-cap research and advisory penetration, Robert W. Baird held the lead, with 73 percent market penetration. JPMorgan came in second with 68 percent. They were followed by Bank of America Merrill Lynch, with 62 percent; Stifel Nicolaus, with 59 percent; and Raymond James, at 56 percent.
For U.S. sales quality–in small- and mid-cap equities–institutions recognized Raymond James, Robert W. Baird and Stifel Nicolaus.
For its small- and mid-cap results, Greenwich Associates interviewed 93 U.S. equity small- and mid-cap fund managers on the services they received from their brokers. The interviews took place between December 2009 and this past February.
