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Ranking-FAQ

How many rankings does Institutional Investor produce each year?

With regard to research teams:
What are the requirements for buy-side participants?
What are the requirements for sell-side participants?
Is voting open to all money managers?
Can I nominate an analyst for consideration?
How are the rankings determined?
Why are some surveys individual-based and others team-based?
How are team leaders chosen?
What is the polling schedule?
What is the publication schedule?

With regard to sales teams, trading teams and top corporate access providers:
How are the rankings determined?

What is an executive team survey?

With regard to executive teams:
What are the requirements for buy-side participants?
What are the requirements for sell-side participants?
How are the rankings determined?
What is the polling schedule?
What is the publication schedule?



How many rankings does Institutional Investor produce each year?

We produce more than 60 rankings in five general areas of interest:

Leading Analysts: Annual rankings of the best sell-side researchers in a dozen countries and regions; prominent examples include the All-America Research Team and the All-Europe Research Team.

Sales, Trading & Corporate Access: Annual rankings of brokerages that provide the services that institutional investors value most; prominent examples include the All-America Sales Team and America’s Top Corporate Access Providers.

Leading Executives: Portfolio managers and sell-side researchers pick the best corporate leaders and investor-relations professionals; prominent examples include the All-America Executive Team and the Latin America Executive Team.

Top Money Managers: Annual rosters of the largest national and regional asset management firms; prominent examples include the II 300, our exclusive annual ranking of the top money managers in the U.S., the Asia 100 and the Euro 100.

Global Rankings: Rosters of sovereign creditworthiness, custodial banks, investment research providers and more. Prominent examples include Country Credit, the World’s Best Hotels and the World’s Largest Global Custodians.


With regard to research teams:

What are the requirements for buy-side participants?

A firm must report actively managed assets in the country or region under consideration and procure research from multiple providers in that region; proprietary clients are ineligible. Assets-under-management minimums vary by survey and investing style (e.g., pension funds vs. hedge funds). The names of those surveyed and the institutions they work for are kept confidential.

What are the requirements for sell-side participants?

An analyst must publish investment research and distribute it to clients during the period covered by the poll. Each Institutional Investor research team survey is divided into at least two segments: Industries and Economics & Strategy. Analysts must be certified pursuant to Regulation AC (or equivalent) to be recognized as winners or team leaders in all industry sectors; no such restriction applies to the sectors in Economics & Strategy categories. Winners must achieve a minimum vote count.


Is voting open to all money managers?

No. We have a propriety database listing thousands of the world’s Top Money Managers, including pension funds and hedge funds, and it is this audience that we target for participation in each survey.

Can I nominate an analyst for consideration?

We do not accept nominations. We allow survey participants to vote for whomever they wish, with no prompting from Institutional Investor. All sell-side analysts are eligible for consideration provided they meet the requirements outlined above.

How are the rankings determined?

Rankings are determined solely by numerical score. With individual-based surveys, a score is produced for each analyst by weighting each vote based on the respondent’s equity and/or fixed-income assets under management in the country or region under consideration, and on the rank awarded to the individual (first, second, third or fourth). An analyst is designated runner-up when his or her score falls within 35 percent of the third-teamer’s score.

With team-based surveys, respondents vote for individual analysts or a firm’s entire team; these votes are combined for firms in each sector. A numerical score is produced by weighting each vote based on both the respondent’s assets under management in the region under consideration and the place awarded to the brokerage firm (first, second, third or fourth). Teams are designated runners-up when their scores came within 35 percent of the third team’s scores.

Why are some surveys individual-based and others team-based?

Generally speaking, surveys that cover a single country (the All-America Research Team, the All-Brazil Research Team, the All-Japan Research Team, etc.) are individual-based. Those that cover a region or continent (the All-Asia Research Team, the All-Europe Research Team, the Emerging Europe, the Middle East & Africa Research Team) are team-based, in recognition of the fact that most firms have multiple analysts covering a sector from across the region under consideration, with a team leader coordinating the group’s efforts.

The All-America Research Team is a ranking of individuals, with the exception of three sectors — Equity-Linked Strategies, Real Estate Investment Trusts and Washington Research — where team-based coverage is the industry norm.

The All-America Fixed-Income Research Team is a mix of individual and team categories, with individuals ranked in the High Yield and Investment Grade sectors and teams ranked in the Economics & Strategy categories.

How are team leaders chosen?

The researcher featured for each winning group is the analyst designated as team leader by the firm or in some cases the one recognized most frequently by investors.

Names of co-leaders, where applicable, are always presented in alphabetical order, in recognition of the fact that the two share equal responsibility for guiding the team. No more than two co-leaders are allowed.

What is the polling schedule?

We do not disclose the exact date on which a ballot is distributed; however, we do notify the sell side once a ballot has gone out. Polling generally lasts about four weeks per survey. Listed below are the approximate dates of distribution:

The All-America Research Team Early May
The All-America Fixed-Income Research Team Late March
The All-Asia Research Team Early January
The All-Brazil Research Team Early April
The All-China Research Team Early August
The All-Europe Research Team Early September
The All-Europe Fixed-Income Research Team Early September
The All-India Research Team Early August
The All-Japan Research Team Early November
The All-Russia Research Team Early February
The Emerging EMEA Research Team Early February
The Latin America Research Team Early April


What is the publication schedule?

Listed below are the dates on which the latest results of each survey will be published on our website. Feature coverage can be found in the magazine published the month after the online release:

The All-America Research Team October 6, 2016
The All-America Fixed-Income Research Team July 19, 2016
The All-Asia Research Team May 9, 2016
The All-Brazil Research Team August 9, 2016
The All-China Research Team November 28, 2016
The All-Europe Research Team February 2, 2016
The All-Europe Fixed-Income Research Team February 17, 2016
The All-India Research Team November 14, 2016
The All-Japan Research Team April 4, 2016
The Emerging EMEA Research Team June 7, 2016
The Latin America Research Team August 2, 2016


These dates are subject to change, so please check back for updates.

With regard to sales and trading teams, and top corporate access providers:

How are these rankings determined?

We invite respondents in our research team surveys to tell us which firms have the best sales teams and, in a separate question, which ones provide the trading services that they value most highly. Participants can name up to four firms for each question.

We weight votes by a respondent's equity and/or fixed-income assets under management in the country or region under consideration and by the place awarded (first through fourth). The names of those surveyed and the institutions they work for are kept confidential to ensure their continuing cooperation. Winners must achieve a minimum vote count.

To determine the Top Corporate Access Providers in Asia, Europe, Japan and the U.S., we ask research team survey participants to tell us which firms offer the best access to chief executive officers and other leaders of the companies they cover. Respondents are invited to name up to four firms in each industry sector in which they cast votes for equity research analysts. Votes are weighted by the respondent’s assets under management in the country or region under consideration and by the place awarded (first through fourth). Winners must achieve a minimum vote count.

What is an executive team survey?

Our executive team rankings illustrate how corporate leaders and companies are viewed by investment professionals on both the buy and sell sides. We currently publish five such analyst-perception studies, covering Asia, Europe, Japan, Latin America and the U.S.

With regard to executive teams:

What are the requirements for buy-side participants?

Buy-side analysts and money managers who vote in the relevant research team surveys are eligible to participate in the associated executive team survey. They are invited to name the best chief executive officers, chief financial officers and investor relations professionals at the companies in their coverage universes.

We also ask them to identify up to four companies that excel in each of eight investor relations attributes, including providing access to senior management, financial transparency and disclosure, and so on. Responses to these questions are aggregated to produce an overall rank for each company.

What are the requirements for sell-side participants?

Analysts who cover the industry sectors in the All-America, All-Asia, All-Europe, All-Japan or Latin America research teams are invited to participate in the executive team survey associated with the relevant country or region, and to tell us who they consider to be the best chief executive officers, chief financial officers and investor relations professionals at the companies in their coverage universes.

These analysts, too, are asked to identify up to four companies that excel in each of eight IR attributes, including providing access to senior management, financial transparency and disclosure, and so on. Responses to these questions are aggregated to produce an overall rank for each company.

Although the investment professionals who cast and receive votes in the relevant research team survey are the primary voter universe for the affiliated executive team, we do allow other analysts to participate. For more information, or to request a ballot, please send an email request to IIET@institutionalinvestor.com.

How are the rankings determined?

All votes are weighted by place (first, second, third or fourth). Buy- and sell-side responses are tabulated separately to produce two distinct rankings for each of the four categories (Best CEO, Best CFO, Best IR Professional and Best IR Company).

An Honored Companies table accompanies each executive team roster. The rank order of this table is determined by each entity’s total weighted score, wherein each first-place position is worth three points; second place, two; and third place, one. When a tie exists in the weighted score, companies are ordered according to the voter share they received in their industry sector.

Most Honored Company is a designation awarded to those companies that achieve a weighted score of at least six and earn a minimum of three ranked positions across at least two of the four categories.

To be eligible for inclusion on the All-America Executive Team, a company must be incorporated in the U.S.; offshore entities may be included provided they meet the eligibility criteria set forth by Standard & Poor’s for inclusion in its U.S. indexes. Namely, the company files form 10-K annual reports and is not considered a foreign entity by the U.S. Securities and Exchange Commission; it has a corporate governance structure that is consistent with U.S. practices; the primary listing of its common stock is either the New York Stock Exchange or Nasdaq Stock Market; and the U.S. portion of its assets and revenues constitutes a plurality of the total.

To be eligible for inclusion on the All-Asia, All-Europe, All-Japan or Latin America executive team, a company must be incorporated in one of those regions and have its shares listed on a local exchange.

What is the polling schedule?

Executive team questions are included on the appropriate research-team ballot. Whereas polling for research team tends to last about four weeks, executive-team polling lasts longer, to allow ample time to participate. We do not disclose the exact date on which a ballot is distributed but do offer the following general guidelines:

The All-America Executive Team Early May
The All-Asia Executive Team Early January
The All-Europe Executive Team Early September
The All-Japan Executive TeamEarly October
The Latin America Executive Team Early April


What is the publication schedule?

Listed below are the dates on which the latest results of each survey will be published on our website. Feature coverage can be found in the magazine published the month after the online release:

The All-Europe Executive Team March 22, 2016
The All-Japan Executive Team May 31, 2016
The All-Asia Executive Team July 5, 2016
The Latin America Executive Team August 30, 2016
The All-America Executive Team November 9, 2016


These dates are subject to change, so please check back for updates.