As banks prepared for the onslaught of MiFID II, a new winner emerged as champion in the 2018 All-Europe Research Team.

UBS ranked as this year’s top research firm, rising from second place last year and stealing the crown from Bank of America Merrill Lynch, which placed first the past two years. Forty-two UBS analyst teams earned spots on the All-Europe Research Team this year, a steep improvement from the 29 team positions the firm claimed last year.

J.P. Morgan Cazenove placed second overall, a notch higher than last year, while BofA Merrill Lynch slid to third.

The 2018 All-Europe Research Team is the 33rd-annual survey of the sector and includes the input of 2,200 money managers at 889 institutions, overseeing an estimated $5 trillion in European equities. Among the respondents were the money managers featured in the Euro 100, Institutional Investor’s annual ranking of Europe’s 100 largest institutional investors. In addition to the annual ranking of analyst teams, Institutional Investor this year introduced a new leader board based on individual analysts. Instead of grouping analysts from the same firm together, the analyst ranking recognized the individuals who received the most votes overall. In this ranking, UBS and J.P. Morgan Cazenove remained first and second, respectively, while BofA Merrill Lynch and Deutsche Bank tied for third.