In recent years Russian stocks have been among the hottest instruments in the financial world. Now it is the country's stock analysts who are coveted.

In the past year Deutsche Bank, Troika Dialog and UBS all lost their research directors to poaching by domestic rivals or overseas banks and fund managers. Many other analysts jumped to new employers as banks ramped up their efforts to meet the growing demands of domestic and international investors for investment ideas. This all amounts to the most competitive market for securities research that Russia has experienced in years.

"We're seeing significant growth in demand for high-quality analytical talent," says Alexander Burgansky, Renaissance Capital's head of equity research. He should know. The firm has been expanding aggressively, adding eight research analysts in the past year, for a total of 48; the team tracks 216 stocks. Renaissance has more analysts, who follow more companies, than any other firm covering Russian equities.

The firm's commitment to research is appreciated by investors. For a fourth year in a row, Renaissance leads Institutional Investor's All-Russia Research Team for the breadth and quality of its investment advice, as voted by fund managers. But the firm's margin over its rivals has narrowed significantly.

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