2024 Asia Pacific (ex-Japan) Research Team Press Release
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2024 Asia Pacific (ex-Japan) Research Team Press Release

Asia Pacific (ex-Japan) Research Results, including local regional results

Institutional Investor’s 2024 Asia Pacific (ex-Japan) Research results, published on 29th May (5am Hong Kong), reflected the independent feedback of 4,818 portfolio managers and analysts at over 1,200 institutions. The methodology for 2024 has changed to improve the quality of data. For the core Research results this year, we have produced the results using only the Top 5 Commission bands ̶ those with greater than $1m in commission payout. Local Broker and the rest of the upcoming results (Sales, Trading & Execution, Corporate Access) will use all 7 commission bands as previous years. Results were collated across 36 sectors, comprising 24 Industry/Macro and 12 Country/Region sectors within the Asia-Pacific region.

Morgan Stanley achieved first place this year, with 36 published positions, very closely by J.P. Morgan and UBS in second place with 35 published positions. BofA Securities also improves its rank over the year, to fourth place with an increase of 5 published positions. Citi closes off the top five on the leaderboard with 33 positions, on par with last year and to round off the top scorers.

Institutional Investor Research recently announced its acquisition of the Asiamoney Broker Poll, marking a significant development in the collection of independent feedback for the investment banking and corporate executive team industries. The Asiamoney Broker Poll legacy, stretching back 35 years, combined with the Institutional Investor Survey in Asia that started in 1990 will provide a single source of qualitative data, and deliver the most exclusive and respected industry ranking in the region.

To strengthen the engagement with participating firms, the 2025 Asia Survey will be brought forward to poll in November 2024 and include an expanded Australia category, covering the largest equity sectors by market capitalisation.

Local Broker Results

Institutional Investor also recognises the top ranked local firms and analysts within each of the 12 Asia-Pacific Countries/Regions (including Frontier Markets). The results reflected the independent feedback of 1,957 portfolio managers and analysts at 702 institutions.

A breakdown of the best local research firms across the 12 countries/regions are shown in the Best Local Broker Overall/Onshore/Offshore results. The best overall broker includes the combination results of Sales, Corporate Access, Research & Trading.

Whilst 30 organisations ranked across the Local Broker Firm results, six company names consistently appear: Macquarie achieved the highest number of positions with 28 winning positions (1st, 2nd, 3rd, 4th or 5th place), CLSA with 26 winning positions, Nomura with 15 winning positions and CGS International with 13 winning positions. Jefferies and HSBC both hold 12 positions.

Macquarie (41) had the greatest number of ranked analysts by sector across the 12 Countries/Regions with CLSA (27), Nomura (26), Daiwa and HSBC (both 23) ranking highly behind the top firm.

Carvin Lee, Commercial Lead for Asia, said “2023 remained a difficult year for Asia ex-Japan equities, as the region has—for another year—underperformed the global index. The increase in investment dollars from hedge funds against long-only has also stressed analysts to strive for both better timeliness and quality of their research. Our 2024 result acknowledges the best-performing sell-side research providers that helped their clients through a challenging year. As the leading source of independent investor feedback, II has elevated our survey this year through consolidation with another industry survey and refined participation criteria. We are committed to helping brokerage firms improve their strategic business planning through better peer-to-peer analysis, competitive benchmarking, or resource allocation using the insights we gathered.

Related

Macquarie leads a group of top firms in II’s ranking of local firms and analysts in the Asia-Pacific region
Morgan Stanley is once again No. 1 in II’s annual ranking of research teams in the region
In what experts describe as dynamic, divergent markets, one sell-side provider rises above the rest.
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