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This report researched and edited by: Editor Richard Morrow Polls editor Bernice Lam Assistant polls
This report researched and edited by: Editor Richard Morrow Polls editor Bernice Lam Assistant polls

This report researched and edited by:

Editor

Richard Morrow

Polls editor

Bernice Lam

Assistant polls editor Alice Li

Design manager

Simon Kay

Publisher

Andrew Cover

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All rights reserved. No part of this publication may be reproduced in any form without the permission of the publisher.

While every care is taken in the preparation of this publication, no responsibility can be accepted for any errors, however caused.

“Asiamoney” is registered as a trademark.

© 2008 Euromoney Institutional Investor (Jersey) Limited

Directors: Tony Shale, Richard Ensor, Anita Rye

CEO, Euromoney Institutional Investor, Asia: Tony Shale

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CONTENTS

Methodology List of respondents Overall Regional Prime broking & hedge fund services Australia China Hong Kong India Indonesia Japan Korea Malaysia Pakistan The Philippines Singapore Taiwan Thailand

METHODOLOGY In the 19th annual Brokers Poll Asiamoney invitations to participate in the poll were

METHODOLOGY

In the 19th annual Brokers Poll Asiamoney invitations to participate in the poll were sent to chief investment officers, senior fund managers and senior investment analysts at fund management houses, hedge fund & private equity firms, insurance companies and wealth management houses in Asia-Pacific, Europe and North America. A total of 1,740 individual responses from approximately 1,000 different institutions, including 305 hedge funds, were received.

Prior to launching the poll Asiamoney mapped out a target list of institutional investor and hedge fund firms and only responses from individuals within those firms were accepted. During the auditing process Asiamoney further verified responses by speak- ing directly to respondents; 180 individual responses were made void either because their firm’s name was not on the target list or because they failed to fulfill the auditing requirements. The geographical breakdown of the final 1,057 institutions is as follows:

Hong Kong 21.8%

India 8.2% Others 0.7%
India 8.2%
Others 0.7%

Taiwan 4.6%

Singapore 14.7%

Philippines 0.4%

Indonesia 2.0%

Japan 3.4%

Korea 5.4%

Malaysia 5.5%

North America 11.2%

Europe 6.7%

China 10.7%

Australia 2.8%

Thailand 1.9%

The questionnaire incorporates 15 different sections as follows:

Regional

China

Indonesia

Malaysia

Singapore

Hedge Fund

Hong Kong

Japan

Pakistan

Taiwan

Australia

India

Korea

The Philippines

Thailand

The questionnaire includes the following sections and categories:

Regional (Asia ex-Australia & Japan) section

• Most improved brokerage, across both research & sales, over the last 12 months.

Regional Equity Sales

• Best regional brokerage for sales services

• Best regional sales people

• Best regional sales traders

• Best regional brokerage for execution

Regional Equity Research

(The 12 industries covered are those given the highest weighting in the MSCI Asia ex-Japan index as of 31 May 2008 – please refer to the GICS map for industry definitions):

• Strategist

• Economist

• Quantitative/technical analyst

• Banks analyst

• Conglomerates analyst

• Consumer discretionary analyst

• Consumer staples analyst

• Energy analyst

• Materials analyst

• Real estate analyst

• Semiconductors & semiconductor equipment analyst

• Technology hardware & equipment analyst

• Telecommunication services analyst

• Transportation analyst

• Utilities analyst

• Most independent research brokerage

• Least independent research brokerage

Hedge Fund section

• best for hedge fund strategy

• best for hedge fund ideas

• most proactive services in relation to hedge fund coverage

• best depth and quality of inventory for stock loan

• best execution for hedge fund trades

• most innovative trading ideas

• best for hedge fund derivatives sales

• best for hedge fund derivatives research

• best for electronic trading platform (including algorithmic trading and direct market access)

• best sales people servicing hedge funds

• best sales traders servicing hedge funds

• most important core service when selecting a Prime Broker

• best product innovation for prime broking

• best pricing for prime broking

• best for capital introduction

• best client service for prime broking (resourceful responsiveness & trust-worthiness)

• best risk management advisory services

• best for quantitative research

• best for customized reporting

• best for futures

• best all-round solutions for prime broking

Country sections

• Most improved brokerage, across both research & sales, over the last 12 months

• Best local brokerage

Equity Sales

• Best overall sales service

• Best sales people

• Best brokerage for sales trading

• Best execution

Corporate Access

• Best for events and/or conferences

• Best for roadshows and company visits

Equity Research

• Best overall country research

• Best country analysts

• Best research coverage for strategy, macroeconomics, small caps and each of the 5 highest-weighted industries* in that market

* Industries selected according to the relevant MSCI indices as of 31 May 2008.

• Most independent research brokerage

Calculation of Results

Points for Place For all categories, a first place vote was awarded three points; second place two points and third place one point.

“One Firm – One Vote” To avoid any one institution having more influence than others of equal size, multiple responses were fractioned according to the total number received from that one institution.

Asset Size Weightings Each response was then weighted according to the institution’s approximate asset size (total unleveraged Asian equity funds under management) in Asia-Pacific (ex-Australia & Japan), in Australia or in Japan (depending upon the institution’s allocation of funds). The table below details weightings according to asset size (hedge fund firms have been weighted at six times their assets to reflect their higher turnover rate):

Asset size (US$million)

No. of institutions

Multiplied by

<200

284

1

200-500

172

4

501-1,000

147

8

1,001-2,000

135

12

2,001-4,000

104

16

>4,000

215

20

 

1,057

147 8 1,001-2,000 135 12 2,001-4,000 104 16 >4,000 215 20   1,057
METHODOLOGY (CONTINUED) Rankings for Overall Combined Research & Sales, Overall Research & Overall Sales For

METHODOLOGY (CONTINUED)

Rankings for Overall Combined Research & Sales, Overall Research & Overall Sales For the Asia (ex-Australia & Japan) rankings a country weighting system was used to compare brokerages as a whole in the region. The ration- ale is that the importance of markets varies across the region, so the points a brokerage receives in major markets should be weighted more than the points it receives in smaller markets. The MSCI AC Asia ex-Japan (as of 31 May 2008) was used to achieve this. A similar sector weighting system was used to address the importance of the sectors within the region. Please refer to the following tables for a mathematical breakdown:

Weightings for the Asia (ex-Australia & Japan) overall sales rankings

 

Regional

30.00%

Multiplied by

-

Overall sales services

30.00%

4.80

 

Country (Total)

70.00%

Multiplied by

- China

15.55%

2.49

 

Weightings for the Asia (ex-Australia & Japan) overall research rankings

 

- Hong Kong

9.15%

1.46

 

- India

7.15%

1.14

 

Regional (Total)

30.00%

Multiplied by

- Indonesia

1.70%

0.27

- Strategy

3.00%

0.48

- Korea

14.88%

2.38

- Economics

2.00%

0.32

- Malaysia

2.53%

0.40

- Quantitative

1.00%

0.16

- Pakistan

0.14%

0.02

 

- Philippines

0.43%

0.07

 

- Banks

4.46%

0.71

- Singapore

4.79%

0.77

- Conglomerates

1.02%

0.16

- Taiwan

12.12%

1.94

- Consumer Discretionary

1.75%

0.28

- Thailand

1.55%

0.25

- Consumer Staples

1.01%

0.16

- Energy

2.58%

0.41

Total

1 00 .00%

- Materials

2.32%

0.37

- Real Estate

2.12%

0.34

- Semiconductors & Semiconductor Equipment

2.39%

0.38

For the Australia and Japan overall combined research & sales rankings, the votes from the categories of best overall country research and best overall sales service for each market were simply added together.

- Technology Hardware & Equipment

1.80%

0.29

- Telecommunication Services

2.53%

0.41

- Transportation

1.02%

0.16

N.B. The percentage shares of all published rankings are based on calculated scores and are rounded to two decimal places.

- Utilities

1.00%

0.16

 

The cut-off date for the movement of analysts, sales people and sales traders was 31 August 2008. Only those who changed employer on or before that date are listed under their new brokerage, if known. The names and coverage of each individual was verified by their brokerage.

 

Country (Total)

70.00%

Multiplied by

- China

15.55%

2.49

- Hong Kong

9.15%

1.46

Asiamoney would like to thank those who helped design the questionnaire, as well as all respondents for taking the time to complete and return it.

- India

7.15%

1.14

- Indonesia

1.70%

0.27

- Korea

14.88%

2.38

- Malaysia

2.53%

0.40

- Pakistan

0.14%

0.02

- Philippines

0.43%

0.07

- Singapore

4.79%

0.77

- Taiwan

12.12%

1.94

- Thailand

1.55%

0.25

Total

100.00%

0.07 - Singapore 4.79% 0.77 - Taiwan 12.12% 1.94 - Thailand 1.55% 0.25 Total 100.00%
GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS) S M FOR ENQUIRES, PLEASE CALL MSCI 24 HR CLIENT

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS) SM

FOR ENQUIRES, PLEASE CALL MSCI 24 HR CLIENT SERVICE ON (852) 2848 6740.

PLEASE CALL MSCI 24 HR CLIENT SERVICE ON (852) 2848 6740. INDUSTRY GROUP (SELECTED) INDUSTRY Transportation

INDUSTRY GROUP (SELECTED)

INDUSTRY

Transportation

- air freight & logistics

- airlines

Automobiles & Components

- auto components

 

- automobiles

- marines

- road & rail

Banks

- commercial banks

 

- thrifts & mortgage finance

- transportation infrastructure

Capital Goods

- aerospace & defense

 

- building products

Utilities

- electric utilities

- gas utilities

- construction & engineering

- electrical equipment

- multi-utilities

- water utilities

- industrial conglomerates

- machinery

- independent power producers & energy traders

- trading companies & distributors

 

Commercial Services & Supplies

- commercial services & supplies

 

- professional services

1 Conglomerates refers to the Industry Industrial Conglomerates. It has been selected as a regional sector to replace Capital Goods to better reflect the industry sectors coveredby brokers within the region.

Conglomerates 1

- industrial conglomerates

 

Consumer Durables & Apparel

- household durables

 

- leisure equipment & products

-

textiles, apparel & luxury goods

Disclaimer This information is the property of Morgan Stanley Capital International Inc. (MSCI). It is provided for informational purposes only, and is not a recommendation to participate in any particular trading strategy. The information may not be used to verify or correct data, or any compilation of data or index or in the creation of any indices. Nor may it be used in the creating, writing, offering, trading, marketing or promotion of any financial instruments or products. This information is provided on an “as is” basis. Although MSCI shall obtain information from sources which MSCI considers reliable, neither MSCI, its affiliates nor any other party involved in the making or compiling of the information guarantees the accuracy and/or the completeness of any of this information. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information makes any representation or warranty, express or implied, as to the results to be obtained by any person or entity from any use of this information, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information makes any express or implied warranties, and MSCI, its affiliates and any other party involved in the making or compiling of the information hereby expressly disclaim all warranties of merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, its affiliates or any other party involved in the making or compiling of the information have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Morgan Stanley Capital International, MSCI and all other service marks referred to herein are the exclusive property of MSCI and its affiliates. All MSCI indices are the exclusive property of MSCI and may not be used in any way without the express written permission of MSCI. MSCI is a leading provider of global indices and benchmark related products and services to investors worldwide. Morgan Stanley, a global financial services firm and a market leader in securities, asset management, and credit services, is the majority shareholder of MSCI, and The Capital Group Companies, Inc., a global investment management group, is the minority shareholder

Consumer Services

- hotels, restaurants & leisure

 

- diversified consumer services

Diversified Financials

- diversified financial services

 

- consumer finance

-

capital markets

Energy

- energy equipment & services

 

- oil, gas & consumable fuels

Food & Staples Retailing

- food & staples retailing

 

Food, Beverage & Tobacco

- beverages

 

- food products

-

tobacco

Health Care Equipment & Services

- health care equipment & services

 

- health providers & services

-

health care technology

Household & Personal Products

- household products

 

- personal products

Insurance

- insurance

 

Materials

- chemicals

 

- construction materials

- containers & packaging

- metals & mining

- paper & forest products

 

Media

- media

 

Pharmaceuticals, Biotechnology & Life Sciences

- biotechnology

 

- pharmaceuticals

-

life science tools & services

Real Estate

- real estate investment trusts (REITs)

- real estate management & development

Retailing

- distributors

 

- internet & catalogue retail

-

multiline retail

- specialty retail

Semiconductors & Semiconductor Equipment

- semiconductors

 

- semiconductor equipment

Software & Services

- internet software & services

 

- IT services

-

software

Technology Hardware & Equipment

- communications equipment

 

- computers & peripherals

- office electronics

- electronic equipment & instruments

- electronic components

Telecommunication Services

- diversified telecommunication services

- wireless telecommunication services

components Telecommunication Services - diversified telecommunication services - wireless telecommunication services
LIST OF RESPONDENTS Those institution names requested to be kept confidential are not listed. The

LIST OF RESPONDENTS

Those institution names requested to be kept confidential are not listed. The poll was directed at individuals - their views do not necessarily reflect the views of their companies as a whole.

Australia: Allard Partners Australia; AllianceBernstein; Amalg Capital Management; AMP Capital Investors; Arnott Capital; Bennelong Long Short Equity Management; Colonial First State Global Asset Management; DV01 Funds Management; Elstree Investment Management; Five Oceans Asset Management; Global Value Investors; Hunter Hall Investment Management; ING Investment Management; K2 Asset Management; Macquarie Investment Management; Merricks Capital; Optimal Fund Management ; Perennial Investment Partners; Platinum Asset Management; PM CAPITAL; Prime Value Asset Management; Sandringham Capital; St Helens Capital; Susquehanna Pacific; Treasury Asia Asset Management; UBS Global Asset Management; Wallace Funds Management

China: ABC-CA Fund Management; ABN AMRO TEDA Fund Management; Actis; AIG Investments; AIG-Huatai Fund Management; Ajia Partners; AllianceBernstein; Alltrust Insurance; AMP Capital Investors; APS Asset Management; Artesian Capital Management; Bank of China Group Investment; Bank of China Investment Management; Bank of Communications International Trust; Bank of Communications Schroder Fund Management; Baosteel Group; Blue Pool Capital; Bohai Capital; Bosera Asset Management; CCB Principal Asset Management; Cephei Capital Management; Chang Xin Asset Management; Changsheng Fund Management; China Asset Management; China International Fund Management; China Investment Corporation; China Life Asset Management; China Merchants Fund; China Nature Asset Management; China Post & Capital Fund Management; China Re Asset Management; China Southern Fund Management; CICC; CITIC Securities; CPIC; Da Cheng Fund Management; Ding Tian Asset Management; DM Capital; DnB NOR Asset Management; DT Capital Partners; E Fund Management; Ellerston Capital; Emperor Investment Management; Everbright Pramerica Fund Management; Everbright Securities; Everyoung Capital Management; Fortis Haitong Investment Management; Fortune SGAM Fund Management; Fortune Trust; Franklin Templeton Investment; Franklin Templeton Sealand Fund Management; Fullgoal Fund Management; GE Asset Management; Gem Holdings; GF Fund Management; Goldman Sachs; Great Wall Fund Management; Greenwoods Asset Management; Guosen Securities; Guotai Junan Allianz Fund Management; Guotai Junan Assets; Harfor Funds Management; Harvest Fund Management; Hillhouse Capital Management; HSBC Jintrust Fund Management; Hua An Fund Management; Huashang Fund Management; Huatai Asset Management; ICBC Credit Suisse Asset Management; Industrial Fund Management; INVESCO Great Wall Fund Management; Keywise Capital Management; Lion Fund Management; Martin Currie; MegaTrust Investment; MICH Investments; Morgan Stanley; Morley Fund Management; National Council for Social Security Fund; New Century Fund Management; New China Life Insurance; Norges Bank Investment Management; Orient Fund Management; Pacific Asset Management; Penghua Fund Management; PICC Asset Management; Ping An Annuity Insurance; Ping An Asset Management; Pinpoint China Fund; Power Pacific Corporation; Prime Capital Management; Prudential Asset Management; Rising China Fund; Rong Tong Fund Management; Shanghai PuDong Development Bank; Shenzhen China- Europe Rabbit Fund Management; Soochow Asset Management; Springs Capital; SYWG BNP Paribas Asset Management; Taikang Asset Management; Taikang Insurance; Taurus L.H. Fund; UBS SDIC Fund Management; UBS Securities; Warburg Pincus; Yimin Asset Management; Yin Hua Fund Management; Zhonghai Fund Management

Europe: ACP Partners; Alsig Emerging Fund; Altima Partners; Amiral Gestion; Ashmore Investment Management; Atlantis Investment Management; Axial Investment Management; Bankinvest Asset Management; Banque Cantonale Vaudoise; BlackRock; BlueCrest Capital Management; BNP Paribas CIB; BP Investment Management; Carmignac Gestion; Caxton Associates; Centaurus Capital; Citi; Concordia Advisors; Crédit Agricole; DWS Investments; Eurizon Capital; F & C Asset Management; F&C Investments; Ferox Capital Management; GAM; Gartmore; GLG Partners; Henderson Global Investors; Horizon Asset; HSBC Global Asset Management; Hutchinson Lilley Investments; J O Hambro Investment Management; KBC Asset Management; Lansdowne Partners; Legal And General Investment Management; Legg Mason International Equities; Lehman Brothers; Maintrust KAG; Martin Currie; Meditor Capital Management; Medvesek Pusnik Asset Management; Mondrian Investment Partners; Montpelier Asset Management; Nevsky Capital; Nordea Investment Funds; Odey Asset Management; Old Mutual Asset Manager; Oracle Management; Orkla ASA; PD Capital Management; Pictet & Cie; Premier Asset Management; Principal Global Investors; Prodigy Capital Partners; Pyrenees Investment Management; Rexiter Capital Management; Robeco; Sifter Fund; Simplicity AB; Sloane Robinson; Smith & Williamson; Somerset Capital Management; Swisscanto Asset

Management; Tenax Capital; Union Bancaire Privee; Urwick Capital Management; Väring Capital; WestLB Mellon Asset Management

Hong Kong: Abax Global Capital; ABN AMRO BANK; Acru Asset Management; Agifel International; AIG Investments; Ajia Partners; Aktis Capital Advisory; Alkeon Capital Management; Allard Partners; Apex Capital Management; APG Investments; Argyle Street Management; Asia Debt Management; AT Asset Management; Atlantis Investment Management; Axial Capital; Axiom Investment Management; Ballingal Investment Advisors; Balyasny Asset Management; Baring Asset Management; BEA Union Investment Management; BlackRock; Blackstone A.M.N. Advisors; Blue Pool Capital; BOCI-Prudential Asset Management; Bowen Capital Management; Boyer Allan Investment Management; Brevan Howard; Buena Vista Fund Management; Cape Asset Management; CCB International Asset Management; Cheyne Capital; China Alpha Investment Management; China Asset Management; China BOCOM Insurance; China Everbright Asset Management; China Life Franklin Asset Management; China Value Investment; ChinaRock Capital Management; Chuang's China Investments; Citadel Investment Group; Citi Alternative Investments; CITIC Allco Investments; Cohen & Steers; Comgest Far East; Cornerstone Real Estate Advisers; CQS; Credit Agricole Asset Management; Credit Suisse Private Banking; D. E. Shaw & Co; Daiwa Asset Management; Daiwa SB Investments; Dalton Capital; Deephaven Capital Management; Demeter Asset Management; Deutsche Asset Management; DIAM; Diamond Head Capital; DKR Oasis; DnB NOR Asset Management; Doric Capital; DragonBack Capital; Ecofin; Edmond de Rothschild Asset Management; EFG Bank; Ellerston Capital; Elliott Advisors; Eton Park; Evenstar Capital Management; Evolution Capital Management; Excelfund Management; Fair Capital Management; FIL Investment Management; First State Investments; Fortis Investments; Fortress Investment Group; Foundation Asset Management; FrontPoint Partners; Fubon Investment Management; Gain Asset Management; Galaxy Asset Management; Gandhara Advisors; Gandhara Capital; GCA Fund; GCIS; Ginger Capital Management; Goldman Sachs; Go-To- Asia Investment; Greenwoods Asset Management; Guoco Group; Guotai Junan Assets; Guotai Junan Securities; Halbis Capital Management; Hamon Investment Group; Helmsman Capital Management; Highbridge Capital Management; Horizon Capital; HSBC; HSBC Halbis Capital Management; HSBC Principal Investments; HSZ; I.G. Investment Management; ICL Management; IMC Investment; Indus Capital; Infiniti Investment Management; ING Investment Management; Inter- Asia Venture Management; Invesco; iVenture Investment Management; Ivory Investment Management; Jana Partners; JF Asset Management; JK Capital Management; JPMorgan; Keywise Capital Management; KGI Asia; Korea Investment & Securities; Korea Investment Trust Management; Legg Mason International Equities; Lehman Brothers; LIM Advisors; Lloyd George Management; Lombard Odier; Darier Hentsch & Cie; Lotus Asset Management; Ludgate Hill Investment Management; Luminary Capital; Lynas Capital; Macquarie; Manulife Asset Management; Marco Polo Pure Asset Management; Marshall Wace GaveKal; Martin Currie investment Mgmt.; MCL Assets; Merrill Lynch; MFC Global Asset Management; MGPA; MICH Investments; Middle Island Capital; Mirae Asset Global Investments; Mitsubishi UFJ Trust and Banking Corporation; Mizuho Securities; Morgan Stanley; New World Development; Nezu Asia; Nomura Asset Management; North of South Capital; Oasis Management; Oberweis Asset Management; Och Ziff Capital Management; Overlook Investments; Perry Capital; Pinpoint Investment Advisors; PMA Investment Advisors; Primero Investment; Principal Asset Management; Principal Global Investors; RAB Capital Northwest Funds; Ramius Asia; RBS Coutts Bank; RCM Asia Pacific / Allianz Global Investors; RDA Asset Management; Richland Capital Management; Robeco Asset Management; ROCIM; S.A.C. Capital Advisors; Samsung Investment Management; Shenyin Wanguo Capital; Shikumen Capital Management; Softbank Asia Infrastructure Fund; Spinnaker Capital; Standard Pacific Capital; Stark Investments; Starr International; StoneWater Capital; Straus Asset Manager; Striker Capital Management; Sumitomo Mitsui Asset Management; Sunshine Asset Management; T Rowe Price; Taifook Asset Management; Telligent Capital Management; Temasek Holdings; Templeton Asset Management; Tempus Investment; Thaddeus Capital Management; The Bank of East Asia; The Children's Investment Fund Management; The Pacific Group; The Standard Chartered Private Bank; TM Asia Life Insurance; TPG-Axon Capital; Tree Line Advisors; Tribridge Investment Partners; TVC Management; UBS Fundamental Investment Group; UBS Global Asset Management; UBS O'Connor; UBS Wealth Management; Value Partners; Value Partners Private Equity; Vision Finance Asset Management; VisionGain Capital; Ward Ferry Management; Wellchamp Capital; Wellington Global Investment Management; Winnington Capital; WMG Asia; Yin Hua Fund Management; York Capital Management

India: ABN AMRO Asset Management; AIG Investments; AllianceBernstein; Americorp Capital; Anew Capital Management; Artha Capital; Arya Capital Management; ASK Investment Managers; AVIVA INDIA; Aviva Life Insurance; Axis Bank; Bajaj Allianz General Insurance; Bharti Axa Investment Managers; Birla Sun Life Asset Management; Birla Sun Life Insurance; Blackstone Fund Services; Canara Robeco Asset Management; ChrysCapital Investment Advisors; Courage Capital Management; DBS Cholamandalam Asset Management; DnB NOR Investment Advisory Services; DSP Merrill Lynch; DSP Merrill Lynch Fund Managers; Envision Capital Advisors; Finquest Securities; Fortuna Capital; Franklin Templeton Investments; General Atlantic; HDFC Asset Management; HDFC Securities; HDFC Standard Life Insurance; HSBC Global Asset Management; Hudson Fairfax Group; ICICI Lombard General Insurance; ICICI Prudential Asset Management; ICICI Prudential Life Insurance; ICICI Venture Funds Management; IDFC Investment Advisors; IDFC Mutual Fund; IEP Advisors; IL&FS; Indea Capital; India Advisory Partners; India Performance Advisors; ING Investment Management; ING Vysya Life Insurance; JM Financial Asset Management; JM Financial Investment Managers; JM Financial Mutual Fund; Karma Capital Advisors; Karma Capital Management; Kotak Mahindra Asset Management; Latwalla Investments; Lotus India Asset Management; Max New York Life Insurance; Mirae Asset Global Investment Management; Morgan Stanley; New Horizon Investments; NV Advisory Services; Principal PNB Asset Management; Reliance Capital Asset Management; Reliance Life Insurance; Royal Sundaram Alliance Insurance; Samara India Advisors; SBI Funds Management; SBI Life Insurance; SBI Mutual Fund; Smith Management; STCI Primary Dealer; Sundaram BNP Paribas; Tata AIG Life Insurance; Tata Asset Management; Taurus Asset Management; Taurus Mutual Fund; Temasek Holdings Advisors; Tiger Global Advisors; Tricolor Advisory Services; UTI Asset Management; UTI mutual funds; UTI Ventures; Voyager Investment Advisors

Indonesia: AXA Asset Management; CIM Investment Management; CIMB- Principal Asset Management; Ciptadana Asset Managment; Credit Suisse Investment Management; Danareksa Investment Management; Danatama Makmur Investment Management; First State Investments; Fortis Investments; Gani Aset Manajemen; GMT Aset Manajemen; Indo Premier Securities – Pro; Mandiri Manajemen Investasi; Manulife Aset Manajemen; Nusadana Asset Management; Pearl Capital Management; PNM Investment Management; Pratama Capital; Schroder Investment Management; Semesta Indovest; Syailendra Capital

Japan: 777 Investment; Akana Capital Management; AllianceBernstein; Atom Capital Management; Capital International; Dai-ichi Mutual Life Insurance; DIAM; Dresdner Kleinwort; Fortis Investments; Fortress Investment Group; Fukoku Capital Management; GAM; Highbridge Capital Management; Horizon Asset International; Indra Investments; Japan Advisory; LIM Advisors; Lupus Alpha Asset Management; Meiji Dresdner Asset Management; Milestone Asset Management; Morgan Stanley; Nikko Asset Management; Nissay Asset Management; Ottoman Capital; Prospect Asset Management; RCM Japan; SMBC Friend Securities; SPARX Asset Management; Sumitomo Mitsui Asset Management; Sumitomo Trust and Banking; T Rowe Price; T&D Asset Management; Tokio Marine & Nichido Fire Insurance; Tokio Marine Asset Management; Tozai Investment Advisory; VistaMax Fund Advisors

Korea: Allianz Global Investors; ANZ Bank; Citi; CJ Asset Management; CJ Investment & Securities; Consus Asset Management; Corevest; Cosmo Investment Management; Daishin Investment Trust Management; Deutsche Asset Management; Dongbu Asset Management; Eastar Investment Advisors; Fides Investment Management; Franklin Templeton Investments; Goldman Sachs; Government Employee Pension Service; HeungKuk Asset Management; Hyundai Investments; IBK SG Asset Management; ING Investment Management; JPMorgan Asset Management; KB Asset Management; KDB Asset Management; KITMC; Kookmin Bank; Korea Investment Trust Management; Korea Life Insurance; Korea Post; Korea Teachers Pension; KTB Asset Management; Kumho Investment Bank; Lazard Asset Management; Lehman Brothers; LS Asset Management; Midas International Asset Management; Mirae Asset Investments; National Pension Service; Nonghyup CA Asset Management; Orbis Investment Research; PCA Investment Trust Management; Prudential Asset Management; Public Officials Benefit Association; Rexiter Capital Management; Samsung Investments; Schroder Korea; SEI Asset Korea; SH Asset Management; Shinhan Bank; Shinhan BNP Paribas; Tong Yang Investment Trust Management; Truston Asset Management; Tube Asset Management; UBS Hana Asset Management; VIP Investment Advisory; Woori Credit Suisse Asset Management

Malaysia: Aberdeen Asset Management; AIA Fund Management; Aims Asset Management; Alliance Investment Bank; Alliance Investment Management; Allianz Life Insurance Malaysia; Alpha Asset Management; AmanahRaya-JMF Asset Management; Amara Investment Management; AmAssurance; American International Assurance; AmInvestment Management; Apollo Investment Management; Arah Advisory Services; Avenue Invest; Bank Muamalat; Bank Perusahaan Kecil & Sederhana Malaysia; CIMB-Principal Asset Management; CMS Asset Management; CMS Trust Management; Corston-Smith Asset Management; Dubai Investment Group; Fortress Capital Asset Management; Great Eastern Life Assurance; Hong Leong Assurance; Hong Leong Fund Management; HwangDBS Investment Management; ING Funds; Kenanga Asset Management; Koperasi Permodalan Felda; Kumpulan Sentiasa Cemerlang; Kumpulan Wang Persaraan (Diperbadankan); Kurnia Insurans; Lembaga Tabung Haji; Malaysian Assurance Alliance; Manulife Insurance; Mayban Investment Management; MCIS Zurich Insurance; Meridian Asset Management; MIDF Amanah Asset Management; Navis Management; Overseas Assurance Corporation; Pacific Mutual Fund; PacificMas Asset Management; Permodalan Nasional; Pheim Asset Management; Phillip Mutual; Prudential Fund Management; Public Mutual; Retirement Fund Inc; RHB Investment Management; Singular Asset Management; Social Security Organisation; TA Investment Management; UOB-OSK Asset Management; ValueCap

North America: AGF Funds; AIG Investments; Akana Capital Management; Anew Capital Management; Arbitrak Financial; Argonaut Capital Management; Armor Capital Management; Arnhold and S. Bleichroeder Advisers; Artio Global Investors; Artisan Partners; Axiom International Investors; Barclays Global Investors; Barington Capital Group; Basso Capital Management; Batterymarch Financial Management; BlackShip Capital Management; Capital International; Caravel Management; Carret Asset Management; Cavalry Asset Management; Citadel Investment Group; Cliffwood Partners; Columbia Management; Columbia Wanger Asset Management; Coronat Asset Management; Courage Capital Management; Credit Suisse; Criterion Capital Management; D. E. Shaw & Co; Davis Funds; Delaware Investments; Delta Partners; Deltec Asset Management; Eagle Global Advisors; EM Capital Management; Emerging Markets Management; Emerging Sovereign Group; ERS of Texas; Evergreen Investments; Evolution Capital Management; Farallon Capital Management; Federated Global Management; Fidelity Investments; First New York Securities; First State Investments; FrontPoint Financial Services Fund; Galleon; George Weiss Associates; GeoSphere Capital Management; GIC; GMO; Goodman & Company; Harding Loevner; Hunter Global Investors; ING Investment Management; Institutional Capital; Invesco; Ironbound Capital; J. & W. Seligman; Jadeite Capital; JCA Partners; Joho Capital; JPMorgan Asset Management; Liberty Square Asset Management; Moon Capital; Natixis; Neon Liberty Capital Management; Neuberger Berman; New Vernon Capital; Newport Asia; North Sound Capital; Oaktree Capital Management; Orchid Asia Group Management; Plinthos Capital; Porter Orlin; Precept Capital Management; Prince Street Capital; Putnam Investments; Pyramis (Fidelity); Pzena Investment Management; Quantrarian Capital Management; Redbrick Capital Management; Rogge Capital Management; Ruane Cunniff & Goldfarb; Samlyn Capital; Seacross Global Advisors; Shah Capital Management; Société d’Analyses Economiques; Spring Mountain Capital; SRS Investment Management; State of Wisconsin Investment Board; State Street Global Advisors; STRS Ohio; Stylos Capital Management; Sunova Capital; Tatarian Funds; Teacher Retirement System of Texas; Tenex India Fund; Third Point; Thornburg Investment Management; TIAA- CREF; Tiger Asia Management; Torrey Pines Capital Management; Trilogy Global Advisors; Tudor Investment; United Nations Pension Fund; US Global Investors; Veda Asset Management; Victoria 1522 Investments; Wellington Management; Wells Capital Management; West Family Investments; William Blair & Company; Xela Capital; Zesiger Capital Group

Other: Abu Dhabi Investment Authority; Bin Zayed Group; EFG-Hermes; EverKey Global; Holowesko Partners; Legatum Capital; Sanlam Investment Managers; Templeton Global Advisors

Philippines: AIG Investments; GSIS; Land Bank of the Philippines; Metropolitan Bank and Trust

Singapore: Absolute Asia Asset Management; Acacia Capital Asia; Acadian Asset Management; ADM Capital Singapore; AEW Global Advisors; AGF Asset Management; AIG Investments; Alchemy Investment Management; Amansa Capital; Amoeba Capital; AMP Capital Investors; Apollo Management; APS Asset

Management; ARA Strategic Capital; Argo Capital Management; Arisaig Partners; Arjava Capital; ARN Investment Partners; Arohi Asset Management; Artisan Asia-Pacific; Artradis Fund Management; Asian Management; Atlantis Investment Management; Atlas Holdings; Bank Julius Baer; Bank Pictet & Cie; Binjai Hill Asset Management; Black River Asset Management; BNP Paribas Asset Management; Bridge Capital Investments; Broad Peak Investment Advisers; Broad Peak Investment Management; Capital International; Chirin Capital; Chuo Mitsui Investments; CIMB-GK Securities; Citi; Clariden Leu; CLSA Capital Partners; CMIA Capital Partners; Columbia Management; Commerzbank; Concordia Advisors; CRA Management; Credit Suisse; DA Capital Asia; Daiwa Asset Management; Daiwa SB Investments; DBS Asset Management; Deutsche Asset Management; Deutsche Bank; Diamond Head Capital; Elixir Financial; European Investors; Everest Capital; Exelion Capital Management; Foison Investment Research & Management; Fortis Investments; Fullerton Fund Management; G.T.O.; Galleon; GE Asset Management; GE Money; GeoSphere Capital Management; GIC; Goldman Sachs; Halbis Capital Management; Helios Capital Management; Henderson Global Investors; HSBC Private Bank; Indea Capital; Indus Capital; ING Asia Private Bank; JH Whitney Investment Management; JL Capital; JPMorgan Asset Management; JPMorgan Asset Management – Hedge; Kelusa Capital; KIMCO International; Kingsmead Capital Advisors; Komodo Capital Management; Liberty Harbor; Libra Capital Management; Lion Global Investors; Lloyd George Management; Makara Capital; Mass Financial Services (MFS); Merrill Lynch; Millennia Investment Management; Millennium Capital Management; MIR Investment Management; Mirae Asset Global Investments; Monterey Capital Management; Morgan Stanley; Nalanda Capital; New Harbour Capital Partners; Nikko Asset Management; Nissay Deutsche Asset Management; Nomura Asset Management; Noonday Asset Management; NTUC Income Insurance; Oaktree Capital Management; OCBC; OCTIS Asset Management; Pacific Star Fund Management; Paddington Asset Management; Pendulum Asset Management; Peterson Asset Management; Pheim Asset Management; Phillip Capital Management; Pictet & Cie; Pioneer Investment Management; Pramerica Real Estate Investors; Providence Capital Management; Prudential Asset Management; Prusik Investment Management; Putnam Investments; QVT Financial; RBS Coutts Bank; Reliance Asset Management; Rexiter Capital Management; Royal Bank of Canada; Sansar Capital Management; Schroder Investment Management; Scion Investment; SEB; Shidan Capital; SJAM Investment Managers; Société Générale Asset Management; Spinnaker Capital; Stark Investments; Stretto Capital; Sumisho Capital Management; T Rowe Price; Tantallon Capital Advisors; Temasek Holdings; TGEM Partners; The Rohatyn Group; Three Kingdoms Capital; Tiedemann; TM Asia Life Singapore; Tokio Marine Asset Management; Tree Line Investment Management; Tudor Capital; UBS Global Asset Management; UOB Asset Management; Value Capital Asset Management; Whitefield Capital Management; Woori Absolute Partners; Woori Investment & Securities; ZAIS Group

Taiwan: AIG Investments; AIG Nan Shan Life; Augustus Asset Management; Capital Investment Trust Corp; Cathay Life Insurance; Cathay Securities Investment Trust; China Development Industrial Bank; Clairvoyance Capital; Deutsche Asset Management; Duquesne Technology Research; Franklin Templeton Investments; Fubon Asset Management; Fuhwa Securities Investment Trust; Hontai Life Insurance; HSBC Global Asset Management; Hwatai Commercial Bank; ING Securities Investment & Trust; J. & W. Seligman; JF Asset Management; Jih Sun Investment Trust; JPMorgan Asset Management; Kohwa Securities Investment Advisory; Loch Capital Management; MacroVision Investment; Nan Shan Life Insurance; National Investment Trust; Paradigm Asset Management; PCA Fund Management; Polaris Securities; President Securities; Prudential; Raffia Capital; Shin Kong Investment Trust; Singfor Life Insurance; Sinopac Capital Management; SinoPac Securities; SinoStar Capital; Taiwan Life Asset Management; Tong An Investment; UBS; UBS Global Asset Management; UG FUND; United Capital Management; Vision And Insight Capital; Yuanta Securities Investment Trust

Thailand: Aberdeen Asset Management; American International Assurance; Brooker Capital; Government Pension Fund; Government Savings Bank; ING Funds; Kasikorn Asset Management; Krung Thai Asset Management; Lynas Capital; Merchant Partners Securities; Muang Thai Insurance; One Asset Management; SCB Asset Management; Siam City Asset Management; Thanachart Fund Management; TMB Asset Management; TMB Bank; Unicapital; UOB Asset Management

OVERALL   OVERALL   MEGA FUNDS ASIA EX AUSTRALIA & JAPAN OVERALL COMBINED RESEARCH &

OVERALL

 

OVERALL

 

MEGA FUNDS

ASIA EX AUSTRALIA & JAPAN OVERALL COMBINED RESEARCH & SALES

ASIA EX AUSTRALIA & JAPAN OVERALL COMBINED RESEARCH & SALES

Rank Firm

%

2007

Rank Firm

%

2007

1

CLSA

13.91%

1

1

CLSA

14.21%

2

2

UBS

11.34%

2

2

UBS

11.98%

1

3

Goldman Sachs

8.08%

5

3

Goldman Sachs

9.10%

5

4

J.P.Morgan

7.57%

3

4

J.P.Morgan

8.03%

3

5

Citi

6.20%

4

5

Credit Suisse

6.33%

8

6

Credit Suisse

6.16%

7

6

Morgan Stanley

6.10%

7

7

Morgan Stanley

5.57%

8

7

Citi

5.97%

4

8

Merrill Lynch

5.55%

6

8

Merrill Lynch

5.81%

6

9

Deutsche Bank

4.71%

9

9

CICC

4.65%

10

10

CICC

4.61%

10

10

Macquarie

4.54%

12

11

Macquarie

4.56%

12

11

Deutsche Bank

4.34%

9

12

Samsung

2.53%

11

12

Samsung

2.53%

11

13

BNP Paribas

2.44%

13

13

BNP Paribas

2.35%

13

14

BOC International

1.57%

16

14

HSBC

1.49%

18

15

HSBC

1.42%

19

15

BOC International

1.27%

15

16

Nomura

1.09%

14

16

Lehman Brothers*

0.88%

19

17

Lehman Brothers*

0.83%

20

17

CITICS

0.84%

16

18

CITICS

0.77%

15

18

Nomura

0.76%

14

19

CIMB

0.75%

23

19

Shenyin & Wanguo

0.64%

27

20

Woori I&S

0.69%

17

20

CIMB

0.59%

28

21

Yuanta

0.68%

24

21

Woori I&S

0.58%

17

22

DBS Vickers

0.65%

18

22

Yuanta

0.56%

20

23

Shenyin & Wanguo

0.60%

28

23

DBS Vickers

0.50%

22

24

Daewoo

0.57%

22

24

Daiwa

0.41%

23

=25 Hyundai

0.54%

32

25

Motilal Oswal

0.40%

24

=25 Daiwa

0.54%

21

26

Daewoo

0.39%

21

27 Kotak

0.46%

30

27

Hyundai

0.38%

34

28 RBS**

0.36%

36

28

Kotak

0.36%

30

=29 Motilal Oswal

0.35%

27

29

RBS**

0.35%

32

 

=29 KGI

0.35%

25

30

Cazenove

0.27%

26

=31 Cazenove

0.30%

26

31

Guotai Junan

0.24%

40

=31 Edelweiss

0.30%

38

32

KGI

0.23%

25

33 IDFC-SSKI***

0.28%

31

33

Mirae Asset

0.21%

33

34 Korea Investment & Securities

0.25%

34

34

IDFC-SSKI***

0.20%

31

=35 Guotai Junan

0.22%

41

35

Korea Investment & Securities

0.18%

35

=35 Mirae Asset

0.22%

33

=36 IIFL

0.16%

-

=37 B&K

0.20%

40

=36 Edelweiss

0.16%

36

=37 Enam

0.20%

37

38 Fubon

0.14%

48

39

IIFL

0.18%

-

39 Sinolink

0.13%

42

HEDGE FUNDS ASIA EX AUSTRALIA & JAPAN OVERALL COMBINED RESEARCH & SALES Rank Firm %
HEDGE FUNDS
ASIA EX AUSTRALIA & JAPAN
OVERALL COMBINED RESEARCH & SALES
Rank Firm
%
2007
1
CLSA
13.21%
2
2
UBS
12.63%
1
3
Goldman Sachs
10.49%
3
4
Morgan Stanley
7.20%
5
5
Merrill Lynch
7.08%
6
6
Deutsche Bank
6.73%
7
7
Credit Suisse
6.58%
8
8
Citi
6.04%
4
9
J.P.Morgan
5.66%
9
10
Macquarie
4.19%
12
11
CICC
3.12%
11
12
BNP Paribas
1.78%
13
13
Samsung
1.65%
10
14
HSBC
1.47%
14
15
BOC International
1.38%
15
16
DBS Vickers
0.93%
18
17
Yuanta
0.84%
16
18
CIMB
0.78%
27
19
Lehman Brothers*
0.69%
20
20
Nomura
0.58%
17
21
Kotak
0.53%
26
22
Woori I&S
0.50%
19
23
Motilal Oswal
0.47%
23
=24 Hyundai
0.38%
31
=24 KGI
0.38%
25
=26 B&K
0.32%
37
=26 Cazenove
0.32%
22
=28 Shenyin & Wanguo
0.30%
33
=28 Daiwa
0.30%
29
=28 Edelweiss
0.30%
36
=31 IDFC-SSKI**
0.28%
28
=31 Enam
0.28%
40
33
RBS***
0.22%
39
=34 UOB Kay Hian
0.20%
21
=34 IIFL
0.20%
-
=36 Daewoo
0.17%
30
=36 CITICS
0.17%
38
38 Korea Investment & Securities
0.13%
32
39 SBI E2-Capital
0.11%
24
OVERALL OVERALL   MEGA FUNDS HEDGE FUNDS ASIA EX AUSTRALIA & JAPAN OVERALL COMBINED RESEARCH

OVERALL

OVERALL

 

MEGA FUNDS

HEDGE FUNDS

ASIA EX AUSTRALIA & JAPAN OVERALL COMBINED RESEARCH & SALES

ASIA EX AUSTRALIA & JAPAN OVERALL COMBINED RESEARCH & SALES

ASIA EX AUSTRALIA & JAPAN OVERALL COMBINED RESEARCH & SALES

Rank Firm

%

2007

Rank Firm

%

2007

Rank Firm

%

2007

40 Sinolink

0.17%

46

40 Fox-Pitt, Kelton

0.12%

44

=40 Mirae Asset

0.10%

-

41 Fox-Pitt, Kelton

0.16%

-

41 UOB Kay Hian

0.09%

29

=40 Religare

0.10%

-

42 Fubon

0.15%

44

=42 Kingsway

0.08%

-

=42 Primasia

0.09%

-

43 UOB Kay Hian

0.13%

29

=42 B&K

0.08%

37

=42 GMSH

0.09%

46

=44 Aseambankers

0.08%

-

=44 Enam

0.07%

49

=44 KBC

0.08%

-

=44 SinoPac

0.08%

43

=44 Tong Yang

0.07%

-

=44 Churchill Capital

0.08%

-

=44 SBI E2-Capital

0.08%

35

=44 Polaris

0.07%

-

=46 SinoPac

0.07%

34

=44 Kingsway

0.08%

-

=44 SBI E2-Capital

0.07%

38

=46 JM Financial

0.07%

-

=48 ICICI

0.07%

-

48

SinoPac

0.06%

-

=48 Barclays Capital

0.06%

-

=48 Eugene

0.07%

-

=49 Hana Daetoo

0.05%

-

=48 Auerbach Grayson

0.06%

-

=48 Tong Yang

0.07%

-

=49 Essence

0.05%

-

=50 CCB International

0.04%

-

 

=49 Aseambankers

0.05%

-

=50 Sinolink

0.04%

-

* Polling period prior to the acquisition by Nomura ** RBS - 2007 ranking of ABN AMRO *** IDFC-SSKI - 2007 ranking of SSKI

   

=50 Antique

0.04%

-

* Polling period prior to the acquisition by Nomura ** RBS - 2007 ranking of ABN AMRO *** IDFC-SSKI - 2007 ranking of SSKI

 

* Polling period prior to the acquisition by Nomura ** IDFC-SSKI - 2007 ranking of SSKI *** RBS - 2007 ranking of ABN AMRO

OVERALL   OVERALL   MEGA FUNDS AUSTRALIA OVERALL COMBINED RESEARCH & SALES AUSTRALIA OVERALL

OVERALL

 

OVERALL

 

MEGA FUNDS

AUSTRALIA OVERALL COMBINED RESEARCH & SALES

AUSTRALIA OVERALL COMBINED RESEARCH & SALES

Rank Firm

%

2007

Rank Firm

%

2007

1

Macquarie

24.02%

1

1

Macquarie

23.61%

1

2

UBS

23.60%

2

2

UBS

22.42%

2

3

J.P.Morgan

8.91%

7

3

J.P.Morgan

10.66%

5

4

Goldman Sachs JBWere

8.74%

3

4

Credit Suisse

8.94%

7

5

Credit Suisse

7.57%

5

5

Goldman Sachs JBWere

8.87%

3

6

Merrill Lynch

5.95%

4

6

Merrill Lynch

6.68%

4

7

Citi

5.73%

6

7

Morgan Stanley

6.11%

10

8

Morgan Stanley

5.42%

10

8

Citi

4.67%

8

9

Deutsche Bank

2.80%

8

9

CLSA

1.69%

-

10

RBS*

1.42%

11

10

Deutsche Bank

1.47%

9

=11 Austock

1.34%

9

11

RBS*

1.38%

=11

=11 CLSA

1.34%

-

12

Austock

1.32%

6

13

Patersons

0.92%

=14

13

Patersons

0.78%

14

=14 CommSec

0.50%

22

14

Lehman Brothers**

0.63%

-

=14 Lehman Brothers**

0.50%

-

15

Tricom

0.50%

-

16 Hartleys

0.45%

-

16

CommSec

0.25%

16

17 Tricom

0.40%

=25

 

18 Southern Cross Equities

0.17%

-

* RBS - 2007 ranking of ABN AMRO ** Polling period prior to the acquisition by Nomura

 

19 E.L.& C.Baillieu

0.15%

21

20 Bell Potter

0.10%

24

 

* RBS - 2007 ranking of ABN AMRO ** Polling period prior to the acquisition by Nomura

 
HEDGE FUNDS AUSTRALIA OVERALL COMBINED RESEARCH & SALES Rank Firm % 2007 1 UBS 23.97%
HEDGE FUNDS
AUSTRALIA
OVERALL COMBINED RESEARCH & SALES
Rank Firm
%
2007
1
UBS
23.97%
1
2
Macquarie
19.13%
2
3
J.P.Morgan
14.83%
6
4
Morgan Stanley
8.06%
10
5
Merrill Lynch
7.79%
7
6
Goldman Sachs JBWere
6.45%
3
7
Citi
6.07%
8
8
Credit Suisse
5.05%
4
9
Patersons
1.99%
11
10
Austock
1.72%
5
11
RBS*
1.29%
9
12
CLSA
1.07%
-
13
Hartleys
0.97%
-
14
Tricom
0.86%
-
15
CommSec
0.43%
17
16
Southern Cross Equities
0.32%
-
* RBS - 2007 ranking of ABN AMRO
OVERALL OVERALL AUSTRALIA OVERALL COMBINED RESEARCH & SALES Rank Firm % 2007 MEGA FUNDS AUSTRALIA

OVERALL

OVERALL

AUSTRALIA OVERALL COMBINED RESEARCH & SALES

Rank Firm

%

2007

MEGA FUNDS

AUSTRALIA OVERALL COMBINED RESEARCH & SALES

Rank Firm

%

2007

HEDGE FUNDS

AUSTRALIA OVERALL COMBINED RESEARCH & SALES

Rank Firm

%

2007

OVERALL   OVERALL   MEGA FUNDS JAPAN OVERALL COMBINED RESEARCH & SALES JAPAN OVERALL COMBINED

OVERALL

 

OVERALL

 

MEGA FUNDS

JAPAN OVERALL COMBINED RESEARCH & SALES

JAPAN OVERALL COMBINED RESEARCH & SALES

Rank Firm

%

2007

Rank Firm

%

2007

1

Nomura

23.10%

1

1

Nomura

21.98%

1

2

Goldman Sachs

12.77%

3

2

Goldman Sachs

13.63%

3

3

CLSA

11.43%

5

3

CLSA

11.02%

7

4

UBS

10.30%

2

4

UBS

10.89%

2

5

Merrill Lynch

6.35%

8

5

Merrill Lynch

7.41%

8

6

Daiwa

6.01%

4

6

Mitsubishi UFJ

5.57%

14

7

Mitsubishi UFJ

5.52%

13

7

Daiwa

5.02%

5

8

Morgan Stanley

4.97%

7

8

Credit Suisse

4.60%

11

9

Credit Suisse

3.62%

10

9

Morgan Stanley

4.48%

6

10

Nikko Citigroup

3.46%

6

10

J.P.Morgan

3.01%

10

11

J.P.Morgan

2.68%

11

11

Nikko Citigroup

2.49%

4

12

Fox-Pitt, Kelton

1.66%

15

12

KBC

1.87%

16

13

KBC

1.46%

17

13

Fox-Pitt, Kelton

1.69%

15

14

Deutsche Bank

1.37%

14

14

HSBC

1.49%

18

15

HSBC

1.30%

18

15

Macquarie

1.14%

9

16

Macquarie

1.26%

9

16

Deutsche Bank

1.02%

12

17

Mizuho

0.81%

12

=17 Lehman Brothers*

0.99%

17

18

Lehman Brothers*

0.78%

19

 

=17 Pali

0.99%

-

19

Pali

0.77%

-

19 Mizuho

0.50%

13

20

Barclays Capital

0.27%

-

20 Barclays Capital

0.20%

-

21

Okasan

0.12%

=22

 

22

Tachibana

0.01%

=22

* Polling period prior to the acquisition by Nomura

 

* Polling period prior to the acquisition by Nomura

   
HEDGE FUNDS JAPAN OVERALL COMBINED RESEARCH & SALES Rank Firm % 2007 1 Goldman Sachs
HEDGE FUNDS
JAPAN
OVERALL COMBINED RESEARCH & SALES
Rank Firm
%
2007
1
Goldman Sachs
18.94%
4
2
Nomura
17.17%
2
3
UBS
11.39%
1
4
CLSA
9.43%
5
5
Merrill Lynch
7.33%
9
6
Mitsubishi UFJ
5.70%
10
7
Credit Suisse
5.29%
11
8
Morgan Stanley
5.25%
6
9
J.P.Morgan
4.11%
17
10
Nikko Citigroup
4.00%
3
11
Daiwa
3.18%
8
12
HSBC
2.44%
20
13
KBC
2.40%
15
14
Lehman Brothers*
1.48%
19
15
Deutsche Bank
0.92%
16
16
Barclays Capital
0.52%
-
=17 Mizuho
0.22%
13
=17 Okasan
0.22%
-
* Polling period prior to the acquisition by Nomura
OVERALL OVERALL JAPAN OVERALL COMBINED RESEARCH & SALES Rank Firm % 2007 MEGA FUNDS JAPAN

OVERALL

OVERALL

JAPAN OVERALL COMBINED RESEARCH & SALES

Rank Firm

%

2007

MEGA FUNDS

JAPAN OVERALL COMBINED RESEARCH & SALES

Rank Firm

%

2007

HEDGE FUNDS

JAPAN OVERALL COMBINED RESEARCH & SALES

Rank Firm

%

2007

OVERALL   OVERALL   MEGA FUNDS   ASIA EX AUSTRALIA & JAPAN OVERALL RESEARCH  

OVERALL

 

OVERALL

 

MEGA FUNDS

 

ASIA EX AUSTRALIA & JAPAN OVERALL RESEARCH

   

ASIA EX AUSTRALIA & JAPAN OVERALL RESEARCH

 

Rank Firm

%

2007

Rank Firm

%

2007

1

CLSA

13.32%

2

1

CLSA

13.60%

2

2

UBS

9.97%

1

2

Goldman Sachs

10.39%

4

3

Goldman Sachs

9.50%

4

3

UBS

10.03%

1

4

J.P.Morgan

7.75%

3

4

J.P.Morgan

8.33%

3

5

Citi

6.71%

5

5

Credit Suisse

6.82%

7

6

Credit Suisse

6.51%

6

6

Citi

6.67%

5

7

CICC

5.54%

10

7

Merrill Lynch

5.63%

6

8

Merrill Lynch

5.34%

8

8

CICC

5.60%

10

9

Morgan Stanley

4.61%

9

9

Morgan Stanley

4.92%

8

10

Macquarie

4.17%

13

10

Macquarie

4.21%

13

11

Deutsche Bank

3.85%

11

11

Samsung

3.52%

9

12

Samsung

3.47%

7

12

Deutsche Bank

3.37%

11

13

BNP Paribas

2.32%

12

13

BNP Paribas

2.21%

12

14

BOC International

1.42%

17

14

HSBC

1.22%

26

15

HSBC

1.09%

27

15

BOC International

1.20%

15

16

Lehman Brothers*

1.00%

19

16

Lehman Brothers*

1.08%

19

17

Nomura

0.96%

14

17

CITICS

1.04%

16

18

CITICS

0.95%

15

18

Shenyin & Wanguo

0.95%

20

19

Shenyin & Wanguo

0.91%

22

19

Nomura

0.83%

14

=20 Yuanta

0.84%

23

20

CIMB

0.71%

30

=20 CIMB

0.84%

24

21

Yuanta

0.68%

21

22 Woori I&S

0.77%

16

22

Woori I&S

0.61%

17

23 Daewoo

0.67%

18

23

Daiwa Institute of Research

0.49%

28

24 Kotak

0.58%

25

=24 Daewoo

0.48%

18

=25 Daiwa Institute of Research

0.52%

30

=24 Kotak

0.48%

25

=25 DBS Vickers

0.52%

21

=26 Cazenove

0.38%

32

27 Hyundai

0.48%

34

=26 Motilal Oswal

0.38%

24

28 Cazenove

0.40%

31

28 DBS Vickers

0.35%

22

 

29 KGI

0.36%

20

29 Hyundai

0.32%

39

30 RBS**

0.33%

35

 

30 KGI

0.28%

23

31 IDFC-SSKI***

0.32%

28

=31 Mirae Asset

0.27%

31

32 Motilal Oswal

0.31%

26

=31 Guotai Junan

0.27%

42

33 Mirae Asset

0.30%

33

33

RBS**

0.26%

34

34 Korea Investment & Securities

0.27%

29

=34 IIFL

0.25%

-

=35 IIFL

0.26%

-

=34 IDFC-SSKI***

0.25%

27

=35 Guotai Junan

0.26%

37

36 Korea Investment & Securities

0.18%

33

37 Enam

0.23%

36

37 Kingsway

0.13%

-

38 Edelweiss

0.18%

41

=38 Hana Daetoo

0.11%

-

39 Sinolink

0.17%

=44

=38 Fubon

0.11%

-

HEDGE FUNDS ASIA EX AUSTRALIA & JAPAN OVERALL RESEARCH Rank Firm % 2007 1 CLSA
HEDGE FUNDS
ASIA EX AUSTRALIA & JAPAN
OVERALL RESEARCH
Rank Firm
%
2007
1
CLSA
14.24%
2
2
Goldman Sachs
12.03%
3
3
UBS
11.05%
1
4
Citi
7.25%
4
5
Merrill Lynch
7.00%
6
6
Credit Suisse
6.77%
8
7
J.P.Morgan
6.06%
5
8
Morgan Stanley
5.62%
7
9
Deutsche Bank
5.12%
9
10
CICC
3.97%
11
11
Macquarie
3.91%
12
12
Samsung
2.41%
10
13
BNP Paribas
1.79%
13
14
Lehman Brothers*
1.18%
18
15
BOC International
1.15%
14
16
HSBC
1.12%
20
17
Yuanta
0.96%
17
18
CIMB
0.87%
26
19
Nomura
0.80%
16
20
Kotak
0.65%
21
21
DBS Vickers
0.60%
15
22
Motilal Oswal
0.52%
24
=23 Shenyin & Wanguo
0.44%
29
=23 Woori I&S
0.44%
19
25 KGI
0.40%
22
26 Daiwa Institute of Research
0.39%
38
27 Cazenove
0.36%
27
28 Enam
0.35%
37
=29 IDFC-SSKI**
0.30%
25
=29 IIFL
0.30%
-
31 RBS***
0.27%
40
32 Hyundai
0.26%
39
33 CITICS
0.22%
30
34 Korea Investment & Securities
0.13%
32
35 Edelweiss
0.12%
36
36 Mirae Asset
0.11%
-
=37 UOB Kay Hian
0.08%
23
=37 Daewoo
0.08%
28
=37 GMSH
0.08%
-
OVERALL   OVERALL MEGA FUNDS HEDGE FUNDS   ASIA EX AUSTRALIA & JAPAN OVERALL RESEARCH

OVERALL

 

OVERALL

MEGA FUNDS

HEDGE FUNDS

 

ASIA EX AUSTRALIA & JAPAN OVERALL RESEARCH

 

ASIA EX AUSTRALIA & JAPAN OVERALL RESEARCH

 

ASIA EX AUSTRALIA & JAPAN OVERALL RESEARCH

 

Rank Firm

%

2007