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All-America Research Providers

Ranking Overview Methodology

BofA Securities takes the top spot, with JPMorgan Chase at No. 2 and Morgan Stanley remaining in third place.

Ask five heads of some of the top U.S. sell-side research firms to turn their gaze to their own industry, and you’ll get what you came for: thoughtful, considered views on the state of American research, including how these research heads are meeting buy-side clients’ needs amid an ever-evolving competitive landscape.

But even these minds — who think critically for a living, while managing and developing large teams of individual analysts who do the same — had to take a breath when reflecting on 2023.

2023 marks the 52nd year of the All-America Research Team and the fifth year of publication of the survey’s commission-weighted results (previous years’ results were weighted by companies’ assets under management). This commission-weighted approach more accurately reflects how the buy side values and rewards the sell side for its research advisory services. 

Selection Criteria
To select the members of the All-America Research Team, Institutional Investor solicited the opinions of directors of research and investment professionals at asset management firms. We received responses from 4,218 individuals at 1,667 firms. The names of the individuals surveyed are kept confidential to ensure their continuing cooperation. 

Participants rated their top firms in each sector and then separately rated individual analysts at those firms to create two distinct rankings for each sector. A numerical score was produced by weighing each vote based on the responding firm’s U.S. commissions and the average rating awarded. This created the U.S. Commission-Weighted Leader table rankings.

Using those scores, ranks were determined. Firms and 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 May 30 are cited at their previous organizations. Voters must meet strict eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by the Research Operations Group. 

These rankings were compiled by Senior Project Managers Tucker Ewing and Denise Hoguet and Associates Katie MacDougall and Amy Tan. 

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