SECOND TEAM

Kenneth Lee & team Barclays Capital

Previously unranked Barclays Capital lands in second place guided by Kenneth Lee, who moved from Citi in July 2009 (and captained that firm’s team to No. 1 in 2008). The BarCap duo provides “not just great advice but great assistance and follow-through,” cheers one fund manager. Clients single out an August report about a proposal by the Financial Accounting Standards Board and the International Accounting Standards Board to move lease obligations, which are now treated as off-balance-sheet items, on to balance sheets at their current value; such a move would have a significant impact on such key balance-sheet metrics as cash flow and creditworthiness, the accountants wrote. The boards are still reviewing ways to implement the changes, which are expect to go into effect later this year. “I really appreciate the work they did to warn us about the dramatic leverage changes that would surface,” recalls one investor.