Institutional Investor's Ranking of Independent Research Firms Finds Sanford C. Bernstein and Co. Tops for Second Straight Year

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For a second year, New York-based brokerage firm Sanford C. Bernstein & Co. is the most honored firm in Institutional Investor magazine’s annual ranking of independent investment research providers.

For a second year, New York-based brokerage firm Sanford C. Bernstein & Co. is the most honored firm in Institutional Investor magazine’s annual ranking of independent investment research providers. Based on a survey of money managers, the firm easily outpaces its peers, ranking in 26 categories and earning first place positions in 19. Institutional Investor’s ranking of the best independent research providers — defined as firms that perform no investment banking — appears in its December issue alongside its annual ranking of the best boutique and regional research firms.

To identify the top independent research providers, Institutional Investor asked institutional money managers participating in its 2005 All-America Research Team to name the three sources of independent U.S. equity research that they had found most valuable in each of 71 sectors over the preceding 12 months. The magazine also asked analysts and portfolio managers at investment firms to name their top choice for the boutique or regional firm that produced the best research in those sectors.

Among boutiques and regional firms, two firms lead the way, each winning in five categories. FTN Midwest Securities Corp, based in Cleveland, earns top honors in Food, Health Care Facilities, Machinery, Retailing/Broadlines & Department Stores and Retailing/Food & Drug Chains; FTN also had five first-place finishes in 2004. New York’s Keefe, Bruyette & Woods dominates the Financial Services sectors, capturing the top spot in Banks/Large-Cap, Banks/Midcap, Brokers & Asset Managers, Mortgage Finance and Specialty Finance. In 2004, KBW won in four categories. Boston-based health care specialist Leerink Swann & Co. leads four sectors: Biotechnology, Medical Supplies & Devices, Pharmaceuticals/Major and Pharmaceuticals/Specialty. New York–based Fulcrum Global Partners wins in Cable & Satellite, Chemicals/Commodity and Entertainment; and Houston-based energy boutique Simmons & Co. International walks away with the Integrated Oil, Oil & Gas Exploration & Production, and Oil Services & Equipment categories. Among independent firms, Fulcrum takes top honors in five categories. Buckingham Research Group, also based in New York, places in seven categories and captures two No. 1 slots. International Strategy & Investment Group, Portales Partners and Precursor each place in four categories.

For a complete listing of the winners across all categories, please visit

http://www.InstitutionalInvestor.com.

Contact:

Liza Shevitz

(212) 224-3623

http://www.institutionalinvestor.com

Evan Cooper

(212) 224-3160

http://www.institutionalinvestor.com

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