US - Institutional investors paid 15% more in commissions to brokers for the trades of international stocks last year, as strong global equity markets attracted investor assets and generated new levels of trading activity.
In terms of trading share, Merrill Lynch and UBS tied at the top of the tables for Asian equities, with Merrill Lynch taking the top spot for European and Japanese equities. Macquarie was at the top of the table for Australian equities.
Greenwich also named the top brokers for trading quality, research/advisory share and sales quality, with CLSA, Goldman Sachs GB Were and Nomura among the ranks in the different regions.
Greenwich said US institutional commission payments had picked up sharply in the trading of Japanese equities, with the commission pool generated by these trades growing more than 22% from 2007 to 2008.
Commission payments on trades of European equities increased nearly 14% over the period, while commissions on trades of Asian stocks increased more than 11% and Australian equity trade commissions - which make up a relatively modest proportion of total international pool - grew nearly 44%.
It said the increase was driven by the consistently strong performance of international stocks relative to US equities and the corresponding inflow of institutional investment dollars into non-US equities.
John Colon, Greenwich Associates consultant, said the trend was likely to continue. He said: "Looking out over the coming three years, the number of US institutions saying they expect to significantly increase their allocations to active international stocks outnumber those predicting a significant decrease by nearly two to one."
Greenwich ranked brokers on the basis of results of interviews with 172 US-based international equity fund managers.
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