Amid unprecedented times, a new firm has taken the crown in Asia equity sales.

Some 1,200 money managers elevated UBS from last year’s second place finish to No. 1 in Institutional Investor’s 2020 All-Asia Sales Team, based on its sales coverage across 12 Asian countries. Respondents were asked to rate sales teams on six attributes, including their ability to add to value to research, generate ideas, and provide a global context. In a decisive performance, UBS ranked first in every attribute.

After 2019’s debut in the pole position, Citigroup was bumped to second, while JPMorgan Chase & Co. improved three spots to take third place. Morgan Stanley slid one spot to fourth, and BofA Securities moved up a rung to crack the top five.

The shakeup mirrors the upheaval experienced in most of Asia over the last year. While U.S.-China trade tensions dominated the markets in 2019, these were summarily replaced in early 2020 by the coronavirus pandemic that engulfed the region and then the globe.

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