Three firms ranked at the top of the 2017 All-Brazil Research Team, with BTG Pactual, Itaú BBA, and J.P. Morgan sharing the No. 1 spot. BTG Pactual and Itaú BBA have claimed the top two positions every year since 2010, with the latter firm taking first last year. J.P. Morgan’s rise to the top, however, comes after back-to-back fifth place finishes. This year’s survey also saw Bradesco BBI climb from eighth place to fourth, while Bank of America Merrill Lynch and Credit Suisse tied for fifth. The 2017 survey marks the 14th year that Institutional Investor has rated the firms and individual teams that provide investors in the Brazilian markets with research and information. II sent questionnaires covering 19 sectors and macroeconomic disciplines to 725 buy-side analysts and portfolio managers from 385 institutions managing $157 billion in Brazilian equities and $199 billion in Brazilian debt.