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Canada Research Providers

Overview Methodology

There has been a shake-up among the leading equity research providers in Canada — everywhere, that is, but the top spot.

RBC Capital Markets has extended its reign for a third year in a row, taking No. 1 in Institutional Investor’s All-Canada Research Team, an annual ranking of the country’s top equity research firms that debuted in 2019.

While RBC has ruled the leaderboard since the survey’s inception, there are some changes further down the rankings and among the “Big Five” — the name given to the large domestic banks dominating Canada’s financial landscape...

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2021 marks the third year of running the Canada Research survey.

This year’s survey included a new macro category, ESG, allowing asset managers to recognize those firms with investing expertise in the Environmental, Social and Governance (ESG) sector.

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 with a commission and/or a research wallet of at least US$100k and who are recognized as using sell-side research advisory services. For this survey, we received responses from 364 individuals at 249 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 commissions or assets under management in the sector and the rating awarded. This created the Commissions and AUM-weighted rankings.

Using those scores, ranks were determined. Firms/analysts are awarded a “Runner‐Up” position if their score comes within 35 percent of the third-place score in a sector. For the analyst rankings, the cut-off date for individuals is the date of the survey opening (1st June 2021).

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 Senior Editors Tucker Ewing and Denise Hoguet and Researchers Denise Best and Xiao Lu.

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