JPMorgan Chase & Co. was voted the best sales firm for a
third straight year in Institutional Investors
annual ranking of Latin American equities sales teams.
The bank continued its reign in regional equities sales as
others fell to the competition in this latest survey of
buy-side analysts and money managers investing in Latin America
stocks. Local investment bank BTG Pactual jumped to No. 2 from
No. 6, while last years second place finisher, Bank of
America Corp., dropped to No. 10 in the 2017 survey.
Respondents rated firms based on characteristics such as
research communication, idea generation, and overall quality of
service. JPMorgan scored highly across multiple attributes,
with voters taking a favorable view of its specialty services
and quality relationships with clients, as well as the global
context provided by the firms salespeople for Latin
Camila Penna, JPMorgans head of Latin America equity
sales, said her team regularly leverages the firms
position as a large, global investment bank by working with
counterparts in other regions. We work hard, as a team,
to partner and add value to our clients, she said.
Rodrigo Goes, who leads BTG Pactuals equity sales and
trading, attributed his firms success to its veteran
sales team. IIs survey found the bank was valued
for its understanding of client needs and accessible research
When you look at our team, its generally more
senior than the industry average, he said. We stand
out as being more experienced, more seasoned.
Credit Suisse Group placed third in IIs
rankings, rising from seventh in 2016. Itaú BBA, which
ranked third last year, dropped to fifth place in 2017.
[II Deep Dive: JPMorgan Tops 2016 Latin America Sales
Although many firms have downsized in the wake of tough
market conditions and the rise of regulations focused on
unbundling sell-side services, Goes said BTG Pactual has
benefited from its partnership structure, as many of the sales
team members are partners in the firm.
We have a lot less turnover, he said. We
havent really changed the headcount or experience of our
Emerson Leite, director of Latin America equity research at
Credit Suisse, similarly pointed to the longevity of the
firms sales team as a key trait. In IIs
survey, the firm was rated highly for its quality of service,
intensity and responsiveness.
What differentiates us from the crowd is that we have
a very consistent team that, for the most part, have been
working for Credit Suisse for a long time, Leite said.
In spite of bad market conditions, weve been able
to keep a stable team of people with years of market
experience. Having a team thats been together for a long
time makes a lot of difference.
Leite also highlighted the importance of an on-the-ground,
local presence, saying that Credit Suisse has sales teams in
Mexico and Brazil.
More and more, clients have access to a lot of
information, and what they really want is someone who can
interpret that information and give a more articulated view of
what is happening out there, he said.
BTG Pactual is expanding its Latin American presence for
this very reason, making a significant investment
in Argentina, according to Goes.
It was sort of the only missing piece to our service
offering, he said. Up until a few years ago, we
still werent quite sure which direction Argentina was
headed, but as it became increasingly clear that things were
looking up we wanted to have people there.
Beyond its Brazil headquarters, BTG Pactual already had a
large presence in Chile, Colombia, Mexico, and Peru. Goes said
the Argentina office is still subscale relative to
the countrys potential, but expects it to become a
substantial source of value for the firm and its clients.
Our philosophy is that unless you have people on the
ground youre not going to be able to provide value-add
information services, he said. Thats our MO
we want to have locals working locally, people with
significant contacts and significant experience who are
actually living what the markets go through. Anyone trying to
understand these markets from New York is going to be way