After six straight years on top, Bank of America Merrill Lynch was dethroned as Institutional Investor’s Top Global Research Firm. Long-time runner-up JPMorgan Chase & Co. finally eked out a win in the 2017 tally, amassing 220 positions across 11 research team surveys II conducted in 2017. BofA Merrill followed closely behind, with 218 positions total.

Both firms far surpassed the competition, with third-place firm UBS earning 166 team positions across II’s 2017 surveys. The two rivals also ranked highest in fixed-income research, with JPMorgan taking first place with 77 team positions and BofA Merrill earning 68 spots for a No. 2 finish.

In equities research, however, UBS was first, beating out both firms with 162 ranked equity analysts.

UBS was also rated first in emerging-markets research, while JPMorgan dominated in developed-markets research.

Institutional Investor’s Top Global Research Firms ranking is based on the total number of positions research firms earned across the following rankings: the All-America Research Team; the All-America Fixed-Income Research Team; the All-Asia Research Team; the All-Brazil Research Team; the All-China Research Team; the All-Europe Research Team; the All-Europe Fixed-Income Research Team; the All-India Research Team; the All-Japan Research Team; the Emerging Europe, Middle East, & Africa Research Team; and the Latin America Research Team.