UBS, Citigroup, and JPMorgan Chase & Co. claimed the top three spots in the 2019 All-Europe Research Team: Hedge Fund Cut. This echoed the results of II’s broader All-Europe Research Team survey, which included responses from long-only asset managers and asset owners in addition to hedge funds.

For the second year in a row, UBS led the hedge-fund only ranking. Citi and JPMorgan took second and third in the hedge fund survey, respectively, matching their positions in the main All-Europe Research Team ranking.

More than 440 hedge fund managers at 270 firms managing roughly $163 billion in European equities responded to the survey. These responses were then weighted based on each respondent’s assets under management to determine the rankings.

When survey responses were weighted by commissions — to reflect the firms earning the highest share of research dollars — UBS’s ranking remained unchanged at No. 1. Citi and JPMorgan, however, switched positions, with JPMorgan claiming second in the commission-weighted ranking.