DOW JONES NEWSWIRES
The investment arms of Barclays PLC (BCS) and JPMorgan Chase
& Co. (JPM) topped a customer survey regarding fixed-income
asset managers, showing the companies integrated recently acquired
operations with minimal disruption.
Greenwich Associates Quality Leaders said Wednesday the two
companies were able to integrate the operations quickly, noting
Barclays Capital's Lehman Brothers acquisition and JPMorgan's
integration of the Bear Stearns franchise.
Among the major dealers, Barclays Capital notched the biggest
improvement in client ratings of relationship strength from 2008 to
2009. The survey also showed Citigroup Inc. (C) significantly
expanded its market share, while Deutsche Bank AG (DB) and Credit
Suisse Group (CS) also notched gains.
Greenwich Associates said the top two companies, along with Bank
of America Corp. (BAC), Citigroup, Deutsche Bank and Goldman Sachs
Group Inc. (GS) all managed to maintain the quality of their
fixed-income franchises at levels above the industry average.
In conducting its findings, Greenwich Associates conducted 1,096
interviews with institutional investors active in fixed income in
the U.S. between February and April of this year.
Overall U.S. Fixed-Income Market Share
Dealer
Barclays Capital 14.8%
JP Morgan 14.2%
Deutsche Bank 10.9%
Citigroup 9.2%
Bank of America Securities* 9.1%
Credit Suisse 8.6%
*Excludes Merrill Lynch franchise data.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com