Irish and international investment managers have rated NCB as the best Irish stockbroking firm ahead of Davy, the firm which has consistently won since 1988.

The survey, compiled by Finance magazine, also shows that the youngest stockbroking firm, Merrion, which was established by former NCB employees in 2000, is making its presence felt, particularly in terms of equity research.

NCB, which is part of the Royal Bank of Scotland-owned Ulster Bank, was voted the best stockbroking firm in 16 categories ranging from quality of equity research to sales service.

Mr John Sheehan, NCB's analyst who specialises in providing research on mid-capitalised stocks, was voted analyst of the year. Mr Seamus Murphy, who focuses on financial stocks, came second, with Mr David Marshall, also from NCB, taking third position.

Mr Bernard McAlinden of NCB won the category for providing best overall strategy followed by Mr Robbie Kelleher of Davy, which is owned by Bank of Ireland.

Mr Donal O'Mahony of Davy won the best bond analyst with Mr Michael O'Sullivan of NCB taking second place.

In terms of providing the best economic research, the investment managers voted Mr Colin Hunt of Goodbodys into the number one slot with Mr Dermot O'Brien of NCB second and Mr Kelleher of Davy third.

Davy emerged as a runner up in many categories and will have been disappointed to lose out to NCB after years of dominance.

AIB's Goodbody stockbrokers, which is larger than NCB and Merrion, lost out to its smaller rivals in many categories.

Amongst the overseas stockbrokers the managers ranked Salomon Smith Barney first in the categories of dealing service and research.

Mr John Kielthy, head of operations at NCB, said the firm was delighted with the survey's result.