When it comes to initial public offerings of sponsor-backed firms, does it matter who lead-underwrites the deal? According to Financial News Online, the answer seems to be yes. UBS posted the best after-market results since January of last year. It underwrote 12 initial public offerings, generating an average increase of 65 percent. That's pretty phenomenal. In second place: Morgan Stanley, with an average return of 31.3 percent. It managed the largest number of deals for sponsors. You would expect the big names to dominate the tables, given their stronger distribution and market making apparatus. So UBS is a mild surprise, especially given the gap between the first two spots. It may be a bit quirky. But very impressive.  

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