Latin America Research Providers

Overview Methodology

When it comes to the top research firms in the region, investors are taking a longer-term approach. The buyside has once again stuck with the same trio of sell-side firms, according to Institutional Investor’s 31st annual Latin America Research Team survey.

More than 900 directors of research and investment professionals across roughly 500 asset management firms with significant securities holdings in Latin America have elevated BTG Pactual to the No. 1 spot for the third year in a row.

BofA Securities improved from 2022’s third place to take second in this year’s ranking. Only one team position separated it from BTG Pactual’s 25, after BofA added 8 total team positions on 2022 for a total of 24.

JPMorgan was close behind, taking third with 23 team positions. Itau BBA and Bradesco BBI placed fourth and fifth, respectively.

2023 Latin America Equity Research Methodology
Picking the Team

To select the members of our 31st annual Latin America Research Team, Institutional Investor solicited opinions of directors of research and investment professionals at asset management firms with significant securities holdings in Latin America. We received responses from 906 individuals at 505 firms. The names of individuals surveyed are kept confidential to ensure their continuing cooperation.

This year, participants rated their top firms in each sector and then separately rated individual analysts or economists/strategists at those firms to create two distinct rankings for each sector. A numerical score was produced by weighting each vote based on the respondent’s Latin American commission range and the average rating awarded. This created the Commission-weighted Leader table rankings. The same scores weighted by each voting firm’s Latin American equity assets under management generated the AUM-weighted tables.

Using those scores, ranks were determined. Firms/analysts were designated runners‐up when their scores came within 35 percent of the third-place scores. For the analyst rankings, individuals, who switched firms after February 16, 2023, are cited at their previous organizations.

In addition, Latin America country research sectors were aggregated with country sales, corporate access, and trading & execution to create the overall Best Country Broker leader tables weighted by commissions.

Voters, in the survey, must meet eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by our Research Operations Group.

The 2023 Latin America Research Team was compiled by Senior Project Manager Tucker Ewing and Associate Project Manager Katie MacDougall.

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