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Canada Research Providers

Ranking Overview Methodology

Since the inception of Institutional Investor’s Canada Research Team, RBC has captured the No. 1 spot in the ranking of the country’s providers of equity research. Amid a challenging year in the Canadian stock markets, the firm earned 16 total first team positions, while runner-up BMO Capital Markets clocked in with 14. Looking further down the leaderboard, some of the inroads made by bulge-bracket firms in 2021 and 2022 reversed.

2023 marks the fifth year of running the Canada Research Team survey’s commission-weighted results.  

Selection Criteria
To select the members of the Canada Research Team, Institutional Investor solicited opinions of directors of research and investment professionals at asset management firms, and we received responses from 463 individuals at 315 firms. The names of individuals surveyed are kept confidential to ensure their continuing cooperation. 

Participants rated their top firms in each sector and then separately rated individual analysts at those firms to create two distinct rankings for each sector. A numerical score was produced by weighting each vote based on the responding firm’s Canada commissions and the average rating awarded.  This created the Canada Commission-weighted Leader table rankings.

Using those scores, ranks were determined. Firms and analysts were designated runners -up when their score came within 35 percent of the third-place scores. For the analyst rankings, individuals who switched firms after May 30 are cited at their previous organizations. Voters must meet strict eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by the Research Operations Group. 

These rankings were compiled by Portfolio Managers Tucker Ewing and Denise Hoguet and Associates Katie MacDougall and Amy Tan.

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