Martin Allen & team, Deutsche Bank

Deutsche Bank debuts in third place. In January 2011 the firm hired Martin Allen from Reech CBRE Alternative Real Estate to direct coverage; doubled the size of the squad, to six; and expanded coverage from three companies to 24. (The analysts expect to add a further ten this year.) Two of the team members, including Allen, work out of London, and the others are based in Frankfurt, Paris, Stockholm and Vienna. “Property is attractive as an asset class because it offers a high initial yield and a significant degree of inflation protection,” Allen says. There is a growing shortage of high-quality office space in central London that should drive rental growth over the next couple of years, he adds. However, “we are likely to become less keen on the sector toward the end of this period as the cycle matures,” he cautions.