Bank of America Corp. has again topped Institutional Investor’s Emerging Europe, Middle East and Africa Research Team Ranking, the firm’s fifth straight year as the region’s best sell-side analyst. Citigroup Inc. tied for second with JPMorgan Chase & Co. 

II’s research group surveyed 680 individuals at 358 institutions managing an estimated $357 billion in emerging EMEA equities and $321 billion of debt. Fourteen firms are included in this year’s rankings, five of which did not make last year’s list. 

Teams were also ranked for their coverage of industries, countries and regions, and economics and strategy, with Bank of America Merrill Lynch placing No. 1 in all categories.