Formerly known as Extel’s U.K. Small & Mid-cap Survey, the small- and mid-cap results are the first Extel rankings to be published under the Institutional Investor brand this year, following II’s acquisition of Extel in 2018. Instead of ranking the best overall brokers, as in previous Extel surveys, this new version highlights the top firms across three categories: research, sales, corporate access.

The U.K. Small & Mid-cap Sales Team was topped by Numis Securities, followed by Investec in second and Peel Hunt in third.

The survey, which included 293 portfolio managers and analysts across 203 firms, took place during the early weeks of the pandemic, with polling closing on April 17. This makes it one of the first to capture investor sentiment toward their brokers during the height of 2020’s uncertainty.

“The future is always uncertain — now more than usual,” said Will Wallis, head of research at Numis, by phone. “Analysts who know businesses well have been able to help institutional investors frame their thinking. While it doesn’t mean we have a crystal ball, if you have a deep understanding you are in a better position to make some judgment calls on what may or may not happen.”

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