BTG Pactual once again takes the No. 1 spot in Institutional Investor’s 27th annual Latin America Research Team.

The Brazil-based bank rose to the top of leaderboard last year after unseating JPMorgan Chase & Co. This year, BTG Pactual triumphed in all four leaderboards produced by the survey, placing or tying for first in rankings of both individual analysts and analyst teams, regardless of whether responses were weighted by commissions or assets under management.

JPMorgan, meanwhile, placed second in three out of four ranking, while tying with BTG Pactual for first place in the commission-weighted ranking of analyst teams.

The 2019 Latin America Research Team was based on the opinions of some 900 investment professionals across nearly 500 institutions that manage about $300 billion in Latin American equities.