For the third consecutive year, Nomura has topped Institutional Investor’s All-Japan Sales Team in a decisive ranking by buy-side money managers.

Daiwa Securities Group placed second, improving on 2019’s fourth place finish in the commission-weighted ranking. SMBC Nikko Securities and Mizuho Securities fell one spot each to place third and fourth, respectively. The highest rated international provider was JPMorgan Chase & Co., which rose from seventh place to crack the top five.

More than 380 investors from 227 firms were asked to consider six attributes when rating Japanese sales teams: understanding of client needs; idea generation; service and responsiveness; global context; value added to research; and market knowledge and feel. Their responses were then weighted based on how much their firms spend on commissions.

A separate ranking of equity sales teams, created by weighting survey responses by assets under management, produced an identical top five.