After half a decade, a new firm has been named the top equity seller across emerging Europe, the Middle East, and Africa.

Morgan Stanley dethroned Bank of America Merrill Lynch to capture the No. 1 spot in Institutional Investor's 2018 ranking of the region's equity sales teams. The bank took the crown from the veteran incumbent – which fell one spot to second place –based on the sentiments of more than 270 buy‐side analysts and money managers at 209 institutions, managing about $236 billion in emerging EMEA equities. This year's ranking is markedly different from 2017, with no firm staying put in the position it earned last year, and two banks falling out of the top 10 entirely: VTB Capital and Wood & Co.

Joining this year's Emerging EMEA Sales Team are EFG-Hermes – regaining its place after missing out in 2017 – and Standard Bank Group Securities, a new addition to the II ranking.

The most improved was Sberbank CIB, which leapt from ninth place to fourth. Another firm to gain favor with buy-side voters was J.P. Morgan, which bettered its standing from fifth place to third.