BTG Pactual dethroned Itau BBA, taking the top spot on Institutional Investor’s 2017 All-Brazil Sales Team as the 2016 champion fell to fourth place.

A total of 392 buy-side analysts and money managers at 248 institutions managing an estimated $115 billion in Brazil equities voted in this year’s survey to determine the region’s best sales teams.

The firms were ranked on the following criteria: best at providing special services, best understanding of client needs and customized service, knowledge and effective communication of research product, most proactive in facilitating/integrating access to analysts, quality of idea generation, quality of relationship, quality of service intensity and responsiveness, and best global context for Brazil portfolios.

Brandesco BBI came in second place in this year’s ranking, while Credit Suisse rose from fourth place in 2016 to third in 2017.