Anil Agarwal & team
Morgan Stanley
After four years in the runner-up position, the Morgan Stanley squad under Hong Kong–based Anil Agarwal rises to third place. “The reports that Anil and team publish are all very thorough and well thought out,” praises one client. With 12 analysts working out of offices in Hong Kong, Mumbai, Seoul, Singapore and Sydney, the group follows about 100 stocks and plans to expand coverage, especially of financial services firms located in India and in countries that belong to the Association of Southeast Asian Nations. “Our view has been to own banks offering high revenue growth — Thai banks, Indonesian banks and Indian retail lenders,” says Agarwal. The researchers are directing clients away from Chinese banks and Indian state-owned banks. “They are cheap but face asset-quality overhangs,” he explains. The team leader “knows both the macro and micro well, which gives a complete picture,” cheers one backer. — Leslie Kramer