The three-way tie for Brazil’s best research provider has been broken.
BTG Pactual pulled ahead of rivals Itaú BBA and JPMorgan Chase & Co. to nab the top spot in Institutional Investor’s 2018 All-Brazil Research Team.
The Brazilian bank, which this year also placed first in the broader Latin America Research Team, was the favorite in a survey of more than 870 investment professionals at 436 institutions managing about $151 billion in Brazilian equities and $236 in Brazilian debt. Buy-side analysts and portfolio managers voted for the top analysts covering Brazil across 19 industry sectors and macroeconomic disciplines.
Itaú BBA and JPMorgan ranked second and third, respectively, while Bradesco BBI and Credit Suisse rounded out the top five research firms. A separate ranking, based on individuals rather than analyst teams, featured a first-place tie between BTG Pactual and Itaú BBA.
To select the members of the 15th annual All-Brazil Research Team, Institutional Investor sent questionnaires covering 19 industry sectors and macroeconomic disciplines to investment professionals at leading asset management firms around the world. We received responses from over 870 buy-side analysts and portfolio managers at 436 institutions that manage an estimated $151 billion in Brazilian equities and $236 billion in Brazilian debt.
Participants vote for individual analysts. A numerical score is produced for each analyst by weighting each vote by the respondent's Brazilian equity and fixed-income assets under management and the rank awarded to the individual (first, second, third or fourth). The resulting scores are used to determine both the team and individual-based rankings. Team leader and individuals are designated runner-ups when their score falls within the 35 percent of the third-teamer’s score.
The newer team-based ranking combines the aggregate score for each firm’s analysts under a given sector. The analyst or economist/strategist featured for each winning group is the individual designated as team leader by the firm. Co-leaders, where applicable, are deemed to share equal responsibility for directing coverage, and their names are presented alphabetically.
Individuals who switched firms after April 20, 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.
The 2018 Latin America Research Team was compiled by Senior Research Editors Tucker Ewing, and Denise Hoguet and Researchers Denise Best and Xiao Lu.