To select the members of our 2021 UK Small & Mid-cap Research Team, Institutional Investor solicited the opinions of portfolio managers and analysts at institutions with major securities holdings in Europe. We received responses from 420 investment professionals at 289 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 respondent’s European 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, we have added the Best UK Small & Mid-cap Broker award, an aggregate of all 18 research categories, plus the Sales, Trading, Corporate Access and Corporate Broking categories.

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