To select the members of our 2021 Emerging EMEA Research Team, Institutional Investor solicited the opinions of portfolio managers and analysts at institutions with major securities holdings in emerging EMEA. We received responses from 991 investment professionals at 538 institutions.

Participants first rated their top firms in each sector on a scale from 1-5, and then separately rated individual analysts or economists/strategists at those firms to create two distinct results for each sector. A numerical score was produced by weighting each vote based on both the responding firm’s emerging EMEA equity commissions and their rating.

Using those scores, ranks were then determined. Firms/analysts were designated runners‐up when their scores came within 35 percent of the third-place scores.

This year, updates to the survey methodology included the removal of the Russia sub-sectors from the main leader’s tables. Instead, they have been aggregated into one Overall Russia Research result which contributes to the leader’s table. Additionally, we have added the Best Russia Broker award, an aggregate of Russia research, sales, corporate access, and trading & execution.

The individuals surveyed are kept confidential to ensure continuing cooperation. Voters must meet eligibility requirements, and winners must achieve a minimum vote count.