Bear Stearns is topping the preliminary year-to-date manager activity rankings for agency and non-agency MBS, according to preliminary Thomson Financial league tables, displacing perennial leading MBS underwriter UBS.

Bear Stearns grabbed first place with $63.6 billion sold and a 13.4% market share. The factor that catapulted the firm to the top was its third quarter 2004 showing, significantly outdistancing competitors UBS and Lehman Brothers with $23.9 billion in proceeds. However, the firm's totals compared to this time last year have decreased somewhat. Current leader Bear Stearns by this time had already sold $69.6 billion.

In contrast to Bear Stearns, UBS had a poor third quarter showing, selling $14.4 billion and dropping to third place. However, despite its third quarter setback, UBS maintained a decent showing for year-to-date totals, falling a close second and selling $62.3 billion for a 13.1% market share. Over the same period last year, UBS had sold $86.3 billion.

Lehman Brothers, despite outpacing UBS in 3Q04, only managed a distant third in the year-to-date leagues. Lehman sold $51.2 billion, garnering a 10.8% market share.

In terms of its 3Q04 performance, Lehman Brothers was a distant second to Bear Stearns with $15.4 billion sold. In 2003, the firm placed fourth during the same time period having garnered $67 billion in proceeds.

Banc of America Securities was fourth place year-to-date. BofA has $43 billion in proceeds, equivalent to a 9% market share. Meanwhile, in the third quarter, BofA had $10 billion in proceeds.

Citigroup Global Markets was fifth place year-to-date, selling $40.1 billion and garnering an 8.4% market share. In the third quarter, Citigoup slightly outpaced BofA, selling $10.39 billion.

Over the same period last year, both BofA and Citigroup sold more in 2003 compared to their current showing, selling $54 billion and $53.5 billion, respectively.

A major omission in the top five this year is the disappearance of Goldman Sachs, which placed second over the same period last year. The firm had sold $76.2 billion, and garnering an 11.4% market share. Also not included in the current top five list is Credit Suisse First Boston, which placed fifth over the same period last year when the firm sold $56.1 billion for an 8.4% market share.

Preliminary industry totals so far this year have reached $476.3 billion, with results decreasing somewhat from the first to the third quarter. In 1Q04, the industry total was $170.27 billion. For the second quarter, the total went down to $167.98 billion, only to decrease again to $138.09 billion for 3Q04.

Copyright 2004 Thomson Media Inc. All Rights Reserved.

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