Bloomberg News

RBC Capital Tops Brendan Wood Analyst Survey for Second Year

October 19, 2011

(Updates with comment, analyst names starting in second paragraph.)

Oct. 19 (Bloomberg) -- RBC Capital Markets said it ranked first for equity research in Canada for the second year in a row in an annual survey by Brendan Wood International.

“It’s really been a tremendous effort by a lot of people,” said Richard Talbot, 47, co-head of global research for RBC Capital Markets. “We’ve been on a pretty concerted effort to build up a first-rate research team.”

Royal Bank of Canada’s investment-banking unit also had 18 “TopGun” analysts, the most among all the firms in the survey, the Toronto-based lender said today in an e-mailed statement. A “TopGun” analyst is one who finishes in the top three in their individual sector, the bank said.

Andre-Philippe Hardy, who came to RBC in 2007 from Merrill Lynch, was the top-ranked bank analyst for a second time. Geoffrey Kwan took the top spot for diversified financials and Neil Downey earned the No. 1 ranking in real estate. Drew McReynolds, who covers media, Douglas Miehm, who follows biotech and health care, and transportation analyst Walter Spracklin also earned top place.

Johann Rodrigues, a Brendan Wood spokesman, said the firm doesn’t publicly release its survey results. The survey of 286 money managers and buy-side analysts was conducted during the 12 months ended Aug. 31, he said.

RBC’s Staff

RBC has about 350 research staff including analysts, associates and strategists worldwide covering more than 1,400 companies, according to Talbot, who joined the firm in 1993 when there were less than 20 people in the research group. RBC is building up coverage in mining, energy, financials and infrastructure in Europe and Australia, he said.

“We want to focus on really being good and adding value in those areas at the moment,” Talbot said in a telephone interview from London. “We do not want to be all things to all people in the European market.”

RBC Capital Markets first topped the annual survey in 2010, ending a 29-year streak held by BMO Capital Markets.

“We definitely view this as an important data point,” Talbot said.

--Editors: Dan Reichl, Steve Dickson

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editors responsible for this story: David Scheer at; David Scanlan at

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