Mizuho, Nomura top II’s first team-based ranking in All-Japan Research Team survey.

Mizuho Securities Group and Nomura tie for first place in the first-ever team-based ranking of Institutional Investor’s All-Japan Research Team survey. Both firms had 30 total team positions, though Mizuho leads with the most first-team positions at 14. Nomura had 11 first-team positions.

SMBC Nikko Securities takes third place with 27 spots, followed by Daiwa Securities Group with 21 positions and Mitsubishi UFJ Morgan Stanley Securities Co. with 15 spots, rounding out a top five dominated by domestic firms.

In the analyst-based ranking, Mizuho tops the leaderboard for the fourth consecutive year, with 32 team positions, 11 of which are first team. Nomura takes second with 29 spots, and SMBC Nikko Securities is third with 25 positions, maintaining the same top three from last year.

J.P. Morgan advanced five spots to sixth place in the analyst-based ranking, collecting nine total positions, up from four in 2016. Morgan Stanley MUFG Securities Co., on the other hand, slipped to 10th place from sixth last year.

The survey results reflect the opinions of more than 1,100 individuals at 432 firms who collectively manage about $1.5 trillion in Japanese equities and $1 trillion in Japanese fixed-income. Participants voted for individual analysts, and the votes were then combined to form a firm’s team in each sector.