< The 2014 All-Europe Research Team

Peter Elwin & team
J.P. Morgan Cazenove
First-place appearances: 2

Total appearances: 9

Team debut: 2006

Peter Elwin’s J.P. Morgan Cazenove squad captures second place for a third consecutive year. Elwin is “detailed and knowledgeable on all issues relating to pension valuation and accounting, which makes him the preeminent expert in the field,” insists one advocate. “His ability to simplify complex accounting matters while keeping his clients informed on changes in policies also sets him apart.” The London-based Elwin and his Mumbai-based colleague continue to scrutinize companies’ practice of providing supplemental performance numbers when reporting their earnings under generally accepted accounting principles. Use of these so-called non-GAAP pro forma financial measures has become increasingly prevalent, and the accountants are reviewing corporate announcements and investigating the reasons such measures are “being put to the front,” according to Elwin, as well as seeking out inconsistencies among peer groups and as against previous years’ reporting. The duo is also reminding investors that the unwinding of the U.S. Federal Reserve’s quantitative easing program “could be a messy process, and defined benefit pensions may lose in other areas what they gain from rising yields,” he adds.