BTG Pactual is once again No. 1 in Brazil sales.

After reclaiming the crown last year, the Brazilian bank has defended its title against global and domestic competitors in Institutional Investor’s 2020 All-Brazil Sales Team.

Local bank Bradesco BBI placed second in the annual ranking of generalist sales teams, while JPMorgan Chase & Co. dropped to third. Itaú BBA and Santander took fourth and fifth, respectively. The results were decided by some 240 buy-side money managers at more than 180 firms with major holdings in Latin America.

While the main leaderboard was weighted by how much voters spent on sell-side commissions, II also produced a set of results weighted by assets under management. BTG Pactual topped these as well, followed by Bradesco BBI in second, JPMorgan in third, and Santander in fourth. Itaú BBA rounded out the top five.