For a sixth year in a row, Bank of America Merrill Lynch has topped Institutional Investor's Emerging Europe, Middle East, and Africa Research Team. Citi remained in second place, breaking last year's tie with J.P. Morgan, which rounded out the top three.

The seventh annual ranking of the region's top research providers was based on responses from more than 770 portfolio managers and buy-side analysts managing about $380 billion in emerging EMEA equities and $395 billion in emerging EMEA debt. Twenty-one investment sectors across three categories – country and region, industry coverage, and economics and strategy – were covered by the survey.

This year, II also produced a new analyst-based ranking, which does not combine votes for analysts at the same firms. While BofA Merrill Lynch and Citi remained in first and second place, respectively, ranking the firms this way propelled VTB Capital to third place.