Thanks to Lehman Acquisition, Barclays Capital Ranks No. 1 in Institutional Investor's 37th Annual All-America Research Team Survey

In what can only be called a bittersweet victory, investors declare Lehman Brothers researchers the best in the business for a sixth straight year in Institutional Investor's 37th annual All-America Research Team survey. Polling for the 2008 survey was completed in July -- well before the Lehman bankruptcy, when that firm's team became a part of Barclays Capital, which receives credit in the rankings.

Barclays is tops with a total of 45 total team positions, one more than last year, widening its lead over No. 2 JPMorgan, which captured 38 positions, the same as in 2007. Merrill Lynch jumps two spaces to No. 3, with 36 positions, six more than last year. Citi, with 33 positions, slips one spot, to fourth, while UBS zooms from eighth place to fifth, with 26 positions. The year's biggest gainer is Credit Suisse, which vaults from No. 11 to No. 7.

Full results of the survey, as well as analyst profiles, are available on www.iimagazine.com and in the October 2008 Americas issue of Institutional Investor.

The ranking is based on responses from more than 3,000 investment and portfolio managers at more than 830 firms -- including 87 of the 100 biggest equity managers -- that manage an estimated $12.7 trillion in U.S. equities.

The upheaval on Wall Street is reflected in the results, with 19 of the No.1-ranked analysts new to the spot since last year. Thirteen of those appear on top for the first time.

The All-America Research Team Survey covers 67 sectors in 10 broad categories -- Basic Materials, Capital Goods/Industrials, Consumer, Energy, Financial Institutions, Health Care, Macro, Media, Technology, and Telecommunications -- as well as a ranking of "Best Up & Comers" who have covered their sectors for three years or less.

THE LEADERS

Rank   Rank                                   Total Team       Total Team
2008   2007   Firm                          Positions 2008   Positions 2007
----   ----   --------------------------    --------------   --------------
1      1      Barclays Capital(1)                 45               44
2      2      JPMorgan Securities(2)              38               38
3      5      Merrill Lynch                       36               30
4      3      Citi                                33               37
5      8      UBS                                 26               20
6      7      Sanford C. Bernstein & Co.          23               22
7      11     Credit Suisse                       17               12
8      9      Goldman, Sachs & Co.                16               15
9      12     Deutsche Bank Securities            13                8
10     6      Banc of America Securities          10               23
10     9      Morgan Stanley                      10               15

(1) Figures cited including 2007 rank, refer only to Lehman Brothers
researchers who moved to Barclays Capital after this year's polling was
concluded. Analysts who were with Barclays before its parent firm acquired
Lehman last month were tabulated separately. Barclays Capital did not rank
last year.

(2) Rank and team positions for 2007 were for Bear, Stearns & Co., which
JPMorgan Chase & Co. acquired in May; JPMorgan Securities ranked fourth
last year.

About Institutional Investor

Now entering its fifth decade, Institutional Investor has consistently distinguished itself among the world's foremost financial publications with ground-breaking journalism and incisive writing that provides "must read" intelligence for a global audience. Throughout the year, Institutional Investor offers a host of proprietary research and rankings that serve as respected industry benchmarks, informing and influencing its carefully targeted circulation base throughout the year. Visit www.iimagazine.com .

Contact: Chris Cavanagh 212-224-3369 chriscavanagh@iimagazine.com