J B Were & Son roasts the competition in annual investment house survey

By Nicholas Bryant and Campbell McIlroy

Friday 7th April 2000

Broking house J B Were has knocked rival Credit Suisse First Boston (CSFB) off the top spot in an annual survey of brokers' performance.

The Greenwich Associates report is a confidential industry-funded survey which gauges the performance of fund managers and brokers.

Out of a possible score of 100 for the quality of research product, J B Were scored 75 with its next closest rivals, Credit Suisse First Boston and Ord Minnett, scoring 45.

Institutions say the quality of research rating is the most important statistic as the ability to perform all other functions relies on good research.

The management of an initial public offering process, considered a key value-added service for brokers, was much more tightly contested with J B Were leading by only three points on a score of 50. Next was Credit Suisse First Boston on 47.

J B Were also came top in terms of market share, calculated on brokerage billings, with 21%. Credit Suisse First Boston was again the closest rival with 16%.

The result is a reversal of last year's figures when CSFB led market share with 19% and J B Were was in second place with 17%.

Others to increase their market share among the top-eight brokerage firms were; Warburg Dillon Read up from 11% to 13%, Ord Minnett up from 10% to 11% and Salomon Smith Barney up from 4% to 5%.

On the other side of the ledger Deutsche Bank retreated to 9% share from 10% the year before and Merrill Lynch dropped to 7% from 8%.

ABN Amro held its market share steady on 15% for the past year.

J B Were was also the only broker which did not receive a below-average citation in any area.

J B Were was contacted for comment on its performance but refused to do so, stating the report was a confidential industry survey.

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