SECOND TEAM

Robin Bienenstock & team Sanford C. Bernstein

In second place is the previously unranked Sanford C. Bernstein foursome headed by newcomer Robin Bienenstock, who is “spectacular on calculating a complicated sum-of-the-parts story — especially if it has cross-border or cross-currency angles,” declares one money manager. Here is one example of just such a story: In June, when it became apparent that Madrid-based Telefónica would prevail in its bid to buy Portugal Telecom’s stake in Brazil’s Vivo Participações, the analysts upgraded Telefónica from neutral to outperform, at €15.31, on the belief that the acquisition would bring dynamic growth. The two companies reached an agreement on the sale of the Vivo stake in late July, and by the end of the year, Telefónica’s stock had advanced 10.8 percent, to €16.97, putting it just ahead of the sector’s 10.7 percent gain.