A new winner has been crowned in Institutional Investor’s 2018 All-Europe Equity Sales Team rankings.

Buy-side analysts and money managers surveyed by II ranked Deutsche Bank as the best generalist sales firm, relegating last year’s champion, Bank of America Merrill Lynch, to second place.

JPMorgan Chase & Co.’s London-based unit, J.P. Morgan Cazenove, is the best specialist sales firm this year, followed by Morgan Stanley in second place and Bank of America Merrill Lynch in third.

The specialist sales ranking recognizes standouts in each market sector, while the generalist division ranks the firms that earned the most votes across the board.

Clients rated salespeople on attributes such as their understanding of clients’ needs, knowledge and effective communication of their firms’ investment research, and the overall quality of the relationship.

The final rankings were based on responses from 952 buy-side analysts and money managers at 478 firms that collectively manage $3.4 trillion in European equities.