UBS, a perennial first placer, has done it again. The firm topped the manager activity rankings for both agency and non-agency MBS, according to the final results from Thomson Financial's league tables for the first quarter of 2004. This happened after UBS bagged the top spot for the 2003 RMBS leagues.
UBS was first with $21.97 billion in proceeds, leaving a wide gap between UBS and its closest competitor with a whopping 17.8% market share. However, UBS had been dipping in the fourth quarter, in the No. 4 spot with a 10.2% market share and $13.14 billion in proceeds.
Bear Stearns is a not so close second, selling $14.25 billion with an 11.6% market share. Unlike UBS's quarterly movement, however, it has stayed consistently in the second place from the fourth quarter of last year, when it sold $14.42 billion (11.2% market share). Lehman Brothers went down the ranking to third for this quarter, garnering a 10.7% market share with proceeds of $13.15 billion. The firm was top in 4Q03 rankings, selling $15.34 billion (11.9% market share).
Moving up in the league tables from 4Q03, Citigroup managed to gain the fourth spot from being No. 7 last quarter. For the first quarter, Citi sold $10.65 billion with an 8.6% market share. Banc of America Securities maintained its No. 5 position from the last quarter with $10.11 billion and an 8.2% market share.
Morgan Stanley and RBS Greenwich Capital are sixth and seventh place, respectively. Morgan Stanley had $9.73 in proceeds and a 7.9% market share. Greenwich, on the other hand, sold $8.37 billion (6.8% market share).
Goldman Sachs underperformed the first quarter compared with its fourth-quarter 2003 business, when it placed No. 3. It is now No. 8, selling $7.18 billion, which is equivalent to a 5.8% market share. Credit Suisse First Boston also dropped from sixth place in 4Q03 to ninth place this quarter. The firm sold $5.95 billion in proceeds (4.8% market share) this quarter.
Deutsche Bank Securities rounds out the top 10, replacing Merrill Lynch, which had the final spot in the top 10 for the fourth quarter of last year. Deutsche has $5.10 billion in proceeds and a 4.1% market share. Merrill dropped down to No. 13 in 1Q04, the same place Deutsche was at in the leagues of 4Q03.
Morgan Stanley led the first quarter league tables with $3.45 billion in proceeds, garnering a 21.7% market share. CSFB was second in line, selling $2.55 billion (a 16% market share). Lehman Brothers came in third for the first quarter. The bank sold $2.44 billion in proceeds with a 15.4% market share. Wachovia Corp. and JPMorgan Securities rounded out the top five as fourth and fifth, respectively.