As 2013 comes to a close, Oliver Kelton of JO Hambro Investment Management is topping the pan-European equity fund league tables. According to data provider Morningstar, his Waverton European equity fund generated 61% in the year to the middle of December. The UBAM Europe equity dividend-plus fund came near the bottom of the performance tables with positive returns of 5.8%. Goldman Sachs, Morgan Stanley, Merrill Lynch and JP Morgan dominated the top ranks of last year's M&A league tables of announced European transactions by taking an overwhelming percentage of the total market share. These sales took the bank to the top of the league tables for bookrunners of equity issues in Switzerland.


No doubt it is just a coincidence that Deutsche has come to the fore in Switzerland in the year that Josef Ackermann, a former Swiss army officer, became chairman of the bank, and Hubert Keller, another Swiss national, took over from Jeremy Bailey as head of equity capital markets.
Deutsche has increased its market share, despite losing a team of 14 equity specialists from its Zurich office in July to the private bank Lombard Odier Darier Hentsch. The team includes Alberic De-Coulange as the new head of Swiss equities and Bettina Langenberg as head of the Swiss global banking division. He has maintained JO's tradition of strong performance in Europe, established by Stuart Mitchell, a former Morgan Grenfell manager, who quit in 2005 to run his own boutique. Andy Thommen leads global markets, with Josef Ritter and Joe Manko in charge of Swiss equities.


Long-only managers in the Morningstar pan-European table have generated an average of 23.2% in the year to mid-December, following the stock-picking bounce.



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