This year’s All-Asia Research Team once again finds Morgan Stanley on top. The firm was first in Institutional Investor’s annual ranking of the region’s most highly regarded sell-side analysts for a third straight year, this time securing a spot in all 35 sectors covered by the survey.

The 24th annual edition of the survey also saw UBS jump to second place from fourth, with 32 team positions, including eight first place finishes.

Bank of America Merrill Lynch came in third with recognition in 29 sectors, while Citi and Credit Suisse tied for fourth with 28 team positions each. In No.1 rankings, however, Citi had the edge, with six top spots compared to three for Credit Suisse.

The 2017 survey included responses from 4,020 investment professionals at 1,060 institutions managing an estimated $1.7 trillion in Asian equities. Participants voted for individual analysts or a firm’s entire team; these votes were combined for firms in each category.