A global bank has been reinstated as the top equity sales firm in Latin America.

JPMorgan Chase & Co. returns to first place in Institutional Investor’s 2019 Latin America Sales Team. The comeback arrives one year after JPMorgan’s three-year run as the region’s equity sales leader was interrupted by a slate of domestic banks dominating the ranking.

The 2019 results show a slight reversal in that trend. While Brazil-based BTG Pactual maintained its second-place finish, other global firms surged in the rankings to dominate the upper half of the leaderboard. UBS improved from last year’s sixth place finish to take third, while Citi rose from eighth to fourth place. Credit Suisse repeated in fifth place. Last year’s winner, Itaú BBA, did not actively participate in the survey this year but was still ranked among the top 10.

In line with other II rankings, a new leaderboard was introduced this year which weighted responses based on commissions paid to the sell-side as opposed to the respondent firm’s assets under management. In this commission-based weighting, JPMorgan, BTG Pactual, and UBS retained the first, second, and third place positions, respectively.

Respondents included 590 buy‐side analysts and money managers at 363 institutions, representing an estimated $216 billion in Latin America equities.