The three-way tie for Brazil’s best research provider has been broken.
BTG Pactual pulled ahead of rivals Itaú BBA and JPMorgan Chase & Co. to nab the top spot in Institutional Investor’s 2018 All-Brazil Research Team.
The Brazilian bank, which this year also placed first in the broader Latin America Research Team, was the favorite in a survey of more than 870 investment professionals at 436 institutions managing about $151 billion in Brazilian equities and $236 in Brazilian debt. Buy-side analysts and portfolio managers voted for the top analysts covering Brazil across 19 industry sectors and macroeconomic disciplines.
Itaú BBA and JPMorgan ranked second and third, respectively, while Bradesco BBI and Credit Suisse rounded out the top five research firms. A separate ranking, based on individuals rather than analyst teams, featured a first-place tie between BTG Pactual and Itaú BBA.