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.

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