Davy overall winner in broker survey

Stockbroker Davy showed its strength across all areas to emerge as the overall winner of the 2003 Stockbroker Survey.

Rival Goodbody made the largest gains in the year, according to the survey published by Finance magazine, while Merrion landed several key categories.

NCB suffered slightly in a year when uncertainty hung over the brokerage.

While Davy topped the pile in more categories than any of its rivals, it was Goodbody that leapfrogged the market leader to win the title of best Irish equity research overall. The award is rated as the most significant by fund managers, according to the survey.

Goodbody had ranked fourth in the category a year ago, when NCB won. Davy, which was third in 2002, could climb only one place.

In the new category of objectivity of equity research, Merrion outstripped its peers. Following the rise of concerns about the independence of broker research, fund managers ranked this category second in importance.

Merrion also landed the key award for the most highly rated analyst in the financial sector, which dominates the Irish market. Mr Séamus Murphy also won the best research report category for his examinations of Irish Life & Permanent, which drew the bank's ire.

NCB's Mr Bernard McAlinden retained his position as the most highly rated equity analyst across all categories. Goodbody analysts did particularly well, landing the top ranks in six sectors.

Goodbody's Mr Colin Hunt continues to be rated the best research economist among Ireland's stockbrokers.

Ninety-two institutions were approached in the survey, which drew a response rate of 59 per cent. Domestic and foreign fund managers were included.