After playing second fiddle to 2004 leader Bear Stearns, UBS regains its former spot as the top manager in the first quarter league table rankings for agency and non-agency, according to MBS data maintained by Thomson Financial. UBS regained its former glory with $23 billion of mortgage product sold and a 12.5% market share. This replicates its earlier success when it topped the market over the same period last year with volume of $26.4 billion and a 14.1% market share.

Bear Stearns comes in as a not-so-close second with $21.8 billion in proceeds, equivalent to an 11.6% market share. Despite beating UBS in the 2004 totals, Bear placed second in last year's first quarter rankings as well, selling $22.8 billion although garnering a higher 12.2% market share.

Lehman Brothers holds firmly in at third place from last year, having sold $19.1 billion and garnering a 10.2% market share as of quarter end. RBS Greenwich Capital jumped considerably in the rankings to fourth place after finishing seventh in 1Q04. RBS Greenwich increased its sales to $17.9 billion, equivalent to a 9.6% market share. In contrast, its 1Q04 proceeds totaled $11.7 billion, garnering a 6.2% market share.

Meanwhile, Banc of America Securities landed the fifth spot last quarter with $16.8 billion and a 9% market share, maintaining its spot from 1Q04. BofA's underwriting volumes remained on par from the first quarter of last year when it sold $16.1 billion and sported an 8.6% market share. In not-so-distant sixth place, Credit Suisse First Boston, took three steps forward from 1Q04 when it underwrote $16 billion in proceeds for an 8.6% market share. Last year, CSFB was ninth with $10.3 billion sold and a 5.5% market share.

In contrast to CSFB, Morgan Stanley and Citigroup Global Markets both dropped from last year's first quarter rankings. While Morgan Stanley merely dropped a notch, Citigroup took a bigger plunge by dropping four notches from fourth place. Morgan Stanley came in seventh with a distant $11.7 billion in proceeds and a 6.3% market share. Citigroup is now in eighth place, selling $10.5 billion and garnering a 5.7% market share. In ninth place, Goldman Sachs has dropped relatively further out of contention with $10.3 billion sold, equivalent to a 5.5% market share. Countrywide Securities is finally part of the "in crowd" after rising to No. 10 this quarter from No. 13 in 1Q04. The firm sold $6.68 billion in the first three of months of 2005, garnering a 3.6% market share.

Current industry volumes are at par with last year's results at $187.4 billion, versus 1Q04's showing of $187.6 billion.

Copyright 2005 Thomson Media Inc. All Rights Reserved.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.