The 2016 Latin America Research Team: Sector Winners
Institutional Investor Research is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

The 2016 Latin America Research Team: Sector Winners


Itaú BBA is survey champion, but Bank of America Merrill Lynch and J.P. Morgan lay claim to the highest number of category victories.

Itaú BBA leads the Latin America Research Team for a second straight year, but Bank of America Merrill Lynch and J.P. Morgan share top honors when it comes to logging the most sector-topping appearances. Each of these firms is No. 1 in seven of the survey’s 25 categories, compared with five for Itaú. BTG Pactual captures three top spots; Citi, Morgan Stanley and Santander, one each.

Listed below — first by industry sector, then by countries and regions and finally by economics and strategy — are this year’s top-ranked squads:



Fernando Ferreira, Isabella Simonato & team

Bank of America Merrill Lynch

The BofA Merrill squad jumps from third place to claim its first victory since 2011, when Ferreira was solo leader.

Capital Goods

Sara Delfim, Murilo Freiberger & team

Bank of America Merrill Lynch

This crew leaps two levels to land in the top spot.

Cement & Construction

Gustavo Cambauva, Gordon Lee & team

BTG Pactual

Newcomer Cambauva replaces Marcello Milman as Lee’s co-captain of a team that delivers a fifth straight sector-topping performance.

Electric & Other Utilities

Maria Carolina Carneiro & team


Under Carneiro’s direction, Santander vaults from runner-up to secure its first victory in this sector in more than 20 years.


Domingos Falavina & team (see also Financials/Nonbanks)

J.P. Morgan

Falavina replaces Saul Martinez as leader of the J.P. Morgan squad, which celebrates a fourth straight appearance in first place.


Domingos Falavina & team (see also Financials/Banks)

J.P. Morgan

The J.P. Morgan crew helmed by Falavina spends a second consecutive year atop the roster.

Food & Beverages

Pedro Leduc, Andrea Teixeira & team (see also Health Care)

J.P. Morgan

Newcomer Leduc joins Teixeira in managing the J.P. Morgan team that advances from second place to first.

Health Care

Joseph Giordano, Andrea Teixeira & team (see also Food & Beverages)

J.P. Morgan

Teixeira, with assistance from newcomer Giordano, guides the J.P. Morgan team that rockets from runner-up all the way to the top.

Metals & Mining

Rodolfo De Angele & team

J.P. Morgan

De Angele pilots J.P. Morgan to the top of the roster for the first time since 2005, when Daniel Altman was team leader.

Oil, Gas & Petrochemicals

Vicente Falanga Neto, Frank McGann & team

Bank of America Merrill Lynch

McGann, now co-leading with previously unranked Falanga Neto, shepherds the BofA Merrill squad to first place for the first time since 2001.

Pulp & Paper

Leonardo Correa, César Pérez-Novoa & team (see also North Andean Countries)

BTG Pactual

Under the direction of Correa and Pérez-Novoa, BTG Pactual rises from second place to first.

Real Estate

Adrian Huerta, Marcelo Motta & team

J.P. Morgan

J.P. Morgan achieves its first sector victory thanks to the efforts of Huerta, Motta and their associates.


Joaquín Ley, Thiago Capucci Macruz & team

Itaú BBA

Itaú BBA under Ley and Macruz bolts from runner-up all the way to the top.

Technology, Media & Telecommunications

Susana Salaru, Gregorio Tomassi & team

Itaú BBA

After a year at runner-up, Itaú BBA recaptures first place, led by Salaru and Tomassi.


Fernando Abdalla & team

J.P. Morgan

Abdalla drives his J.P. Morgan squad into the winner’s circle for a fourth year running.

Countries & Regions


Ricardo Cavanagh & team (see also Chile)

Itaú BBA

Cavanagh’s crew at Itaú BBA rises one rung to claim its fourth victory in five years.


Carlos Constantini & team

Itaú BBA

Constantini and his Itaú BBA colleagues are No. 1 for a second year in a row — and the fourth time in five years.


Ricardo Cavanagh & team (see also Argentina)

Itaú BBA

Cavanagh guides his Itaú BBA squad up two levels to finish on top for the first time.


Carlos Capistran, Carlos Peyrelongue & team

Bank of America Merrill Lynch

After a year in second place, the BofA Merrill troupe under Capistran and Peyrelongue return to No. 1.

North Andean Countries

Alonso Aramburú, César Pérez-Novoa & team (see also Pulp & Paper)

BTG Pactual

BTG Pactual spent the past two years at No. 2. This time around Aramburú and Pérez-Novoa pilot the team back to first place.

Economics & Strategy

Corporate Debt

Anne Milne & team

Bank of America Merrill Lynch

It’s two straight years on top for Milne and her BofA Merrill associates.


David Beker, Claudio Irigoyen & team (see also Sovereign Debt)

Bank of America Merrill Lynch

Irigoyen replaces Marcos Buscaglia as Beker’s co-captain, but the firm captures first place for a second consecutive year.

Equity Strategy

Guilherme Paiva & team

Morgan Stanley

Morgan Stanley under Paiva celebrates a fifth straight year at No. 1.

Local Markets Strategy

Dirk Willer & team


Vaulting from runner-up, where it spent the past two years, all the way to the top spot is the Citi group under Willer.

Sovereign Debt

Jane Brauer, Claudio Irigoyen & team (see also Economics)

Bank of America Merrill Lynch

Brauer, Irigoyen and their BofA Merrill associates mark a fourth straight year in first place.

The 2016 Latin America Research Team is based on input from more than 900 representatives of some 450 institutions that manage an estimated $337 billion in Latin American equities and approximately $304 billion in Latin American debt.


In changing times, Mislav Matejka and his equity strategy team at J.P. Morgan are big vote-getters on the 2017 All-Europe Research Team.
A look at which sectors attracted the most interest, which analysts received the most votes and related highlights.
BTG Pactual lands in second place for a second consecutive year.
Gift this article