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Latin America Sales Team

Ranking Overview Methodology

“Volatile would be an understatement.”

That’s the summation from Ashley Farrar, head of U.S. sales for BTG Pactual, on the state of markets in Latin America this year. Battered by interest rates and turbulent election cycles in Brazil and Colombia, the landscape was rocky for both foreign and local investors.

For equity sales teams in the region, this meant that their clients needed them more than ever. “In challenging years for equities market such as this one, I would say that investors tend to be more demanding with the sell side for some kind of advisory help,” said Tatiane Shibata, head of equity sales for Bradesco BBI. “In Brazil, specifically, in an environment of high interest rates, it hasn’t been easy to perform or beat benchmarks — besides the challenge of the cost of opportunity. So clients´ requests on idea generation — more short-term oriented — and service in general has increased.”

A trio of local firms were there to meet the demand, according to the results of Institutional Investor’s 2023 Latin America Sales Team survey.

BTG Pactual again secured the No. 1 spot in this year’s ranking, based on the opinions of 534 buy-side money managers at 343 firms with Latin American holdings.

Itau BBA took second place as well as the title of most improved, rising four spots from last year. Bradesco BBI placed third.

To select the members of Institutional Investor’s 2023 Latin America Sales Team, we invited participants in the broader research survey to rate the firms with the best sales team based on 6 attributes. We received responses from some 534 buy-side money managers at 343 firms.

The Top 10 table was produced based on overall vote count. To participate, voters are required to meet eligibility requirements, and all ballots are subject to review by II’s Research Operations Group.

The 2023 Latin America Sales Team ranking was compiled by Senior Project Manager Tucker Ewing and Associate Project Manager Katie MacDougall.

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