When your best is not enough

The suits down at ABN-Amro at the back end of the IFSC have doubtless been patting themselves on the back after sweeping the boards in the Finance survey of how fund managers view the analyst fraternity. Eight out of 11 is pretty impressive and the ABN people can be forgiven a bit of self-congratulation.

But one thing Current Account can't figure out is how, if ABN wins eight of 11 individual equity research categories, does Davy end up nominated for "Best Irish equity research"?

For Davy, head of research Robbie Kelleher picked up a gong for best equity strategist but his was the only number one slot picked by the denizens of Dawson Street. Lots of seconds and thirds for Davy in the other categories, but that's hardly enough for a firm that has always considered itself a cut above the rest.

Given they're only in business for less than a year, Merrion did well to take fourth place for best equity research, and it must have given Shane Nolan and John Conroy some satisfaction to end up ahead of their former employer NCB in the Finance rankings.

The survey is not good news for NCB, especially now that head of research John Reynolds is heading back to Belfast.

The best that NCB managed was a first place for Mick O'Sullivan for bond research and a second place for John Kelly in the financials. John Kelly is a relative newcomer to Dublin but he was highly regarded when he was with Merrill Lynch in London and is likely to give Eamonn Hughes a close run for his money in next year's rankings.

Goodbody's performance in the rankings was moderate with only Liam Igoe and Joan Garahy topping their respective rankings.

But how much does equity research actually matter to fund managers? Less than it used to, judging by the Finance poll, with day-to-day dealing service now seen the most important for brokers. A year ago, quality of research was the top attribute, but has now slipped to joint second with the ability to deal in size.

Are brokers churning out too much research bumf? Certainly, a small forest would be required to cover even the amount of research received in this office.