UBS Warburg has maintained its first-place standing in the all-Europe research team rankings, which combines all country, industry and macro sectors, in the Reuters/Institutional Investor equities investment report 2003.

Schroder Salomon Smith Barney (SSSB) moved from fourth last year to take second place behind UBS, with Deutsche Bank retaining its number three spot. Credit Suisse First Boston (CSFB) kept the top spot in the pan-European research rankings based only on the industry and macro sectors.