Last year's massive buildup of research staff at securities houses big and small brought predictions that it would all end in tears for some.
The game is far from over, but the major players may be changing.
Jardine Fleming and ING Barings, traditional leaders in Asian research, are facing one of their greatest challenges as banks with far more capital and a far wider range of products weigh in.
Over the past year, Merrill Lynch and Deutsche Morgan Grenfell - two houses that used to be content staying closer to home - have emerged as the rising stars in the equity research game.
Merrill Lynch has more than 100 analysts in Asia outside of Japan and Deutsche Morgan Grenfell has amassed a team of about 120. Jardine Fleming still has more than 160 people on the ground in Asia.
ING Barings, like many successful research houses in Asia, has spent the last year quietly rebuilding its regional team after persistent raids by headhunters. Barings still has around 90 analysts in the region, but that is less than Peregrine Securities' 93.
