For the fourth consecutive year, Morgan Stanley earned the No. 1 spot in Institutional Investor's All-Asia Research Team, ranking first in sectors such as autos, banks, basic materials, industrials, and telecommunications as well as country and macroeconomic categories. UBS came in a close second, with 33 total team positions to Morgan Stanley's 34.
Citi rose one spot to capture third place in the team rankings, but in the survey's debut of individual-based rankings – where votes for analysts at the same firm are not combined – Citi surged to first place with 43 total positions. In this ranking, Morgan Stanley placed second with 35 positions, and UBS tied for third with Bank of America Merrill Lynch.
The 2018 All-Asia Research Team was based on about 4,700 responses from investment professionals at nearly 1,400 institutions managing about $1.9 trillion in Asian equities, excluding Japan.
To select the members of our 25th annual All-Asia Research Team, Institutional Investor solicited the opinions of directors of research and heads of investment at institutions with major securities holdings in Asia (ex-Japan). We received responses from some 4,700 investment professionals at 1,380 institutions managing an estimated $1.9 trillion in Asian equities.
Participants voted for individual analysts or a firm's entire team; these votes were combined for firms in each category. A numerical score was produced by weighting each vote based on both the respondent's Asian equity assets under management and the place he or she awarded the brokerage firm (first, second, third or fourth). Ranks were determined using those scores. Teams were designated runners-up when their scores came within 35 percent of the third team's scores.
We have highlighted the analyst identified by his or her employer as the leader of the firm's team in a given category. Analysts who switched firms after February 18, 2018, are cited at their previous organizations. The names of those surveyed are kept confidential to ensure their continuing cooperation. Voters must meet eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by our Research Operations Group, and final results may be inspected by an independent auditor.
There were no changes to this year's ballot. The 2018 All-Asia Research Team produced complete results (first-, second- and third-place teams) for the 18 industry sectors, 11 countries and regions and six macroeconomic categories polled.
These results were compiled by Associate Research Editor Denise Hoguet and Researchers Amy Tan and Xiao Lu under the guidance of Tucker Ewing, Senior Research Editor.