Methodology

2021 marks the third year of running the All-America Research Team – Hedge Fund Cut’s commission-weighted results (previous years’ All-America results were weighted by companies’ assets under management). The commission-weighted approach more accurately reflects how the buy-side values and rewards the sell-side for their research advisory services.

This year’s survey included a new macro category, ESG, allowing asset managers to recognize those firms with investing expertise in the Environmental, Social, and Governance (ESG) sector.

Selection Criteria

To select the members of the All-America Research Team, Institutional Investor solicited opinions of directors of research and investment professionals at asset management firms with a commission and/or a research wallet of at least US$250k and who are recognized as using sell-side research advisory services. For the All-America survey, we received responses from 3,565 individuals at 1,475 firms. The names of individuals surveyed are kept confidential to ensure their continuing cooperation.

Participants rated their top firms in each sector and then separately rated individual analysts at those firms to create two distinct rankings for each sector. A numerical score was produced by weighting each vote based on the responding firm’s commissions or assets under management in the sector and the rating awarded. This created the Commissions and AUM-weighted rankings.

Using those scores, ranks were determined. Firms/analysts are awarded a “Runner‐Up” position if their score comes within 35 percent of the third-place score in a sector. For the analyst rankings, the cut-off date for individuals is the date of the survey opening (1st June 2021).

Hedge Fund Cut

The All-America Research Team – Hedge Fund Cut was produced by using the same methodology as above but included only the responses from voters employed at hedge funds. These results reflect the responses from over 1,000 individuals at 592 voting firms.

These rankings were compiled by Senior Editors Tucker Ewing and Denise Hoguet and Researchers Denise Best and Xiao Lu.