For the fourth consecutive year, Morgan Stanley earned the No. 1 spot in Institutional Investor's All-Asia Research Team, ranking first in sectors such as autos, banks, basic materials, industrials, and telecommunications as well as country and macroeconomic categories. UBS came in a close second, with 33 total team positions to Morgan Stanley's 34.

Citi rose one spot to capture third place in the team rankings, but in the survey's debut of individual-based rankings – where votes for analysts at the same firm are not combined – Citi surged to first place with 43 total positions. In this ranking, Morgan Stanley placed second with 35 positions, and UBS tied for third with Bank of America Merrill Lynch.

The 2018 All-Asia Research Team was based on about 4,700 responses from investment professionals at nearly 1,400 institutions managing about $1.9 trillion in Asian equities, excluding Japan.