For the second year in a row, UBS leads Institutional Investor’s 34th annual ranking of Europe’s top research teams.

More than 1,900 directors of research and heads of investment from institutions managing a combined $4 trillion in European equities judged equity research providers across 44 countries and sectors for the 2019 All-Europe Research Team. Votes were weighted based on a respondent’s assets under management and combined in each sector to form a firm’s team ranking.

Citi had the most pronounced improvement, rising from sixth place to finish second this year. The bank also doubled its number of ranked analyst teams from 20 to 40, only slightly trailing UBS’s 43 team positions.

JPMorgan Chase & Co. and Bank of America Merrill Lynch were each bumped back one spot to third and fourth place with 31 and 26 team positions, respectively. Exane BNP Paribas rounded out the top five, improving from seventh place last year.

In addition to the main team-based ranking, II produced three additional leaderboard results this year. For the second year, individual analysts who received the highest scores per sector were recognized in a separate roster. Citi took the top spot in the analyst-based ranking this year, followed by UBS in second and JPMorgan in third.

This year also marked the introduction of a new method of weighting votes to take into account the new reality of research budgets. In these two commission-based weightings, a respondent’s vote was weighted not by their assets under management but by how much they spend on sell-side research.

UBS debuted at No. 1 in the commission-weighted ranking of analyst teams. Citi placed second, followed by JPMorgan in third. When the commission-weighted results were based on individual analyst scores, UBS placed first, followed by Citi and JPMorgan in a tie for second.