There has been a shake-up among the leading equity research providers in Canada — everywhere, that is, but the top spot.

RBC Capital Markets has extended its reign for a third year in a row, taking No. 1 in Institutional Investor’s All-Canada Research Team, an annual ranking of the country’s top equity research firms that debuted in 2019.

While RBC has ruled the leaderboard since the survey’s inception, there are some changes further down the rankings and among the “Big Five” — the name given to the large domestic banks dominating Canada’s financial landscape...

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