Goldman Sachs Group Inc provides the least independent stock research among investment banks in Asia, according to Asiamoney magazine's annual poll of fund managers.
Asiamoney asked 915 fund managers and analysts to cast their votes on research brokerages in Asia. CLSA Ltd was voted the most independent, followed by UBS Warburg.
The 10 biggest US securities firms, including Goldman and UBS Warburg, are in talks to resolve conflict-of-interest probes by regulators that have pummeled their shares. The firms agreed to pay as much as US$1 billion to fund independent research for their customers to help resolve allegations their stock analysis is compromised by banking ties.
"Anybody who does corporate finance and research is tainted," said Enzio Von Pfeil, a former banker with SG Warburg Securities and now chief executive of Commercial Economics Asia Ltd, an independent researcher in Hong Kong. "Goldman's well-known as a corporate finance house."
Goldman is the biggest arranger of share sales in Asia outside Japan this year, Bloomberg data shows.
"Our research is of the highest quality and integrity," said Edward Naylor, Goldman's spokesman in Hong Kong.
Morgan Stanley and Salomon Smith Barney Inc. were voted the next least independent research brokerages in the Asiamoney poll.
Salomon is the No. 2 arranger of Asian share sales this year.
Asiamoney, part of Euromoney Institutional Investor Plc, asked respondents to fill in a 16-page questionnaire, which included suggesting ``the least independent research brokerage.'' The cut off date for the survey was Aug. 31.
In other awards, UBS was voted the top research brokerage in Asia, repeating last year's performance. The Swiss-based bank's analysts won nine out of 12 country research categories, including those for Australia, China, Hong Kong, Indonesia, South Korea and Taiwan.
"To have cemented our number one position and extended our lead so convincingly at a time when, around the world, the brokerage industry is undergoing intense scrutiny is an excellent result," said Brad Orgill, Head of Asia Pacific Equities at UBS in Hong Kong.
Christopher Wood, who joined CLSA from ABN Amro Holding NV at the beginning of the year, beat BNP Paribas Peregrine's Raymond Foo and Salomon's Ajay Kapur to win the best regional strategist award.
Jim Walker, also of CLSA, the Asian investment-banking unit of Credit Lyonnais SA, won the top regional economist award, beating Morgan Stanley's Andy Xie into second. Deutsche Bank AG's Viktor Shvets ranked ahead of UBS's Dylan Tinker as the top telecommunications researcher. UBS's Timothy Ross held his position as the top transport analyst.
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