No matter which way you slice it, JPMorgan Chase & Co. is Latin America’s top research provider.

Investment professionals voted for JPMorgan as the region’s No. 1 research firm in Institutional Investor’s 28th annual Latin America Research Team survey. BTG Pactual slipped to second place in the 2020 ranking of research teams, while Bank of America Securities improved one position to clinch third.

More than 600 investment professionals at 400 asset management firms with major Latin American holdings participated in the survey, rating research providers across 23 industries, regions, and economic sectors. Each vote was weighted based on how much respondents spent on sell-side research.

This year’s survey produced three additional leaderboards, including two rankings weighted by voter assets under management. No matter how the results were calculated, however, JPMorgan took the top spot, followed by BTG Pactual in second and BofA Securities in third.