No matter which way you slice it, JPMorgan Chase & Co. is Latin America’s top research provider.
Investment professionals voted for JPMorgan as the region’s No. 1 research firm in Institutional Investor’s 28th annual Latin America Research Team survey. BTG Pactual slipped to second place in the 2020 ranking of research teams, while Bank of America Securities improved one position to clinch third.
More than 600 investment professionals at 400 asset management firms with major Latin American holdings participated in the survey, rating research providers across 23 industries, regions, and economic sectors. Each vote was weighted based on how much respondents spent on sell-side research.
This year’s survey produced three additional leaderboards, including two rankings weighted by voter assets under management. No matter how the results were calculated, however, JPMorgan took the top spot, followed by BTG Pactual in second and BofA Securities in third.
To select the members of our 28th annual Latin America Research Team, Institutional Investor solicited opinions of directors of research and investment professionals at asset management firms with significant securities holdings in Latin America. We received responses from more than 606 individuals at 400 firms. The names of individuals surveyed are kept confidential to ensure their continuing cooperation.
This year, participants rated their top firms in each sector and then separately rated individual analysts or economists/strategists at those firms to create two distinct rankings for each sector. A numerical score was produced by weighting each vote based on the respondent’s Latin American commission range and the average rating awarded. This created the Commission-weighted Leader table rankings. The same scores weighted by each voting firm’s Latin American equity assets under management generated the AUM-weighted tables.
Using those scores, ranks were determined. Firms/analysts were designated runners‐up when their scores came within 35 percent of the third-place scores. For the analyst rankings, individuals who switched firms after January 6, 2020 are cited at their previous organizations.
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 2020 Latin America Research Team was compiled by Senior Project Manager Tucker Ewing and Associate Project Managers Denise Best and Xiao Lu.