To select the members of our 2021 All-Europe (Developed Europe) Research Team, Institutional Investor solicited the opinions of portfolio managers and analysts at institutions with major securities holdings in Europe. We received responses from over 4,200 investment professionals at more than 1,468 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 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, updates to the survey methodology included the removal of the overall country research sectors from the main leader’s tables. The country research sectors were aggregated with country sales and, in some markets, corporate access, small & midcap stocks, and trading & execution to create the overall Best Country Broker results.

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