Sameer Goel & team
Deutsche Bank
Deutsche Bank drops from first place to second in this sector, whose name is changed from Currency & Foreign Exchange. Singapore-based Sameer Goel, captain of the five-member crew, “combines intelligence, honesty and great diligence to lead the finest strategy team on the Street,” declares one buy-side supporter. The analysts are generally upbeat. “Asian currencies will more broadly struggle against the dollar, which we think is entering a multiyear uptrend, but will present more interesting relative-value opportunities within the region and versus other emerging markets,” the squad leader contends. “Local rates markets have richened significantly, and their flat curves offer relatively low value versus other emerging markets, but the growth of emerging-markets debt as an asset class, and diversification needs of global pools of liquidity, will ensure that rates in Asia outperform the U.S.” Among the differential trades the group is recommending is a three-month long position on the dollar against China’s offshore renminbi versus nondeliverable forwards of its onshore counterpart. — Pam Baker