A Familiar Name Tops Canada Research

RBC once again captures No. 1 in the 2023 All-Canada Research Team.


Illustration by II

It’s a five-peat for RBC in Canada.

Since the inception of Institutional Investor’s Canada Research Team, RBC has captured the No. 1 spot in the ranking of the country’s providers of equity research.

Amid a challenging year in the Canadian stock markets, the firm earned 16 total first team positions, while runner-up BMO Capital Markets clocked in with 14. Looking further down the leaderboard, some of the inroads made by bulge-bracket firms in 2021 and 2022 reversed.

This year the leaderboard is dominated by the Big Five, Canada’s biggest banks. Scotiabank improved one spot to take third while CIBC World Markets leapt two positions to fourth place. Rounding out the top five is the highest-ranked global bank, BofA securities, down two positions from 2022, in the commission-weighted results.

II generated an additional individual analyst-based results leaderboard that closely mirrored its team counterpart. Results are based on the opinions of more than 460 directors of research and investment professionals, representing 315 asset managers.


In an email, Graeme Pearson and Mark Odendahl, co-heads of global capital markets research at RBC, credited their analysts’ expertise and the firm’s platform for another year as No. 1. “Amid ongoing macro uncertainty, RBC Capital Markets Research analysts and strategists continued to leverage their deep industry expertise, empowered by advanced data science and digital insights, to help clients navigate leading market themes such as sustainability and the energy transition to uncover actionable opportunities.”