The Sammons Associates

Annual Heads of Equity Research Survey

12 TH SAMMONS ASSOCIATES
ANNUAL HEADS OF RESEARCH SURVEY
Results May 2010

As distinct from others, the twelfth Sammons

Associates Survey gives a brief insight into the
importance of the role of the Head of Research
as viewed by the European Investment
Management Community.

The Survey provides a ranking of the Heads of

Research in the context of a range of
performance criteria. The results are drawn
from a survey base of institutional managers of
Pan-European equity funds.

Once again responses for the survey were

encouraging and we would like to thank all the
investment managers who responded to our
questionnaires. Such support is hugely valued.
 The Sammons Associates
Annual Heads of Equity Research Survey

Nomination of the Heads of Research, taking into account factors such as their knowledge of the
market, their management skills, quality of analysis, the quality of their company’s reports and
their overall professionalism.

Large Cap results

Last Years
Head of Research Securities House Placings
1stnd Nick Pink UBS 5
2rd Richard Smith*** Deutsche Bank 4
3 Charlie Mills Credit Suisse 2
4th Jose Linares JP Morgan 1
5th Rupert Jones Morgan Stanley 6
6th Richard Taylor** Citigroup 3
7th Anthony Ling Goldman Sachs International 8
8th Vincent Laurencin Exane BNP Paribas 9
9thth Stuart Amor ING 10
10 Fabrice Theveneau Societe Generale 11
11th David May HSBC 12
12th Simon Greenwell BoA Merrill Lynch Global Research 16
13th Paul Norris Nomura International 15
14th Robert Bate** RBS 7
15th Nick Bell*** Jefferies International 20
16th Christopher Williams*** UniCredit 19
17th Robert Van Brugge*** Sanford C Bernstein 18
18th Laurent Poinsot Cheuvreux 17
19th Tim Whittaker* Barclays Capital -
20th Markus Pluemer Commerzbank 14

Source: Lehmann Communications Plc

* New entry ** Now left the company *** New Head of Research
 The Sammons Associates
Annual Heads of Equity Research Survey

Nomination of the Heads of Research, taking into account factors such as their knowledge of the
market, their management skills, quality of analysis, the quality of their company’s reports and
their overall professionalism.
Small/Mid Cap results
Last Years
Head of Research Securities House Placings
1stnd Terry Sinclair*** Citi Investment Research 1
2rd Will Wallis Numis Securities 4
3th Charles Hall KBC Peel Hunt 6
4th Eithne O’Leary Oriel Securities 7
5th Xavier Gunner Arbuthnot Securities 2
6th Andrew Fitchie*** Investec Securities 3
7th Colin Phillips*** Evolution Securities 5
8 Eric Rovick*** Collins Stewart 13
9thth Alex Hugh UBS 14
10 Joanna Parsons*** RBS 16
11th Clive Black Shore Capital 8
12th Simon Maughan/Tobias Woerner Man Financial 10
13th Richard Hickinbotham Charles Stanley & Co 9
14th Derek Brown** Seymour Pierce 12
15th Peter Isard Cenkos Securities 11
16th Jeremy Withers Green*** JP Morgan 15
17th Mark Hughes Panmure Gordon & Co 18
18th Gary Baker BoA Merrill Lynch Global Research 17
19th Steve East* Credit-Suisse -
20th Scott Evans*** Execution Noble 19

Source: Lehmann Communications Plc

* New entry ** Now left the company *** New Head of Research
 The Sammons Associates
Annual Heads of Equity Research Survey

How important is the performance of the Heads of Research at Securities Houses on each of the
following (scale of 1-5, where 5 is very important and 1 is not at all important)?

1 2 3 4 5
A. Good working relationship 00.00% 03.72% 39.82% 42.07% 14.39%
B. Marketing skills 00.00% 03.85% 44.32% 33.86% 17.97%
C. Quality of management 01.17% 14.62% 49.87% 30.62% 03.72%
D. Leadership skills 00.00% 02.36% 51.19% 39.21% 07.24%
E. Presentation skills 02.36% 04.19% 17.00% 42.83% 33.62%
F. Understanding your market 00.00% 03.29% 19.06% 31.13% 46.52%
G. Understanding your company 03.24% 04.78% 16.08% 39.82% 36.08%
H. Quality of research 00.00% 03.00% 04.96% 44.23% 47.81%
I. Attending meetings with analysts 03.62% 04.17% 08.56% 36.73% 46.92%

Do you think the Heads of Research have improved, deteriorated or stayed the same in the past
year?

15.27% Improved a little

51.92% Improved a lot
23.62% Stayed the same
09.19% Deteriorated a little
00.00% Deteriorated a lot

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t: 020 7398 2400 f: 020 7398 2455
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