Bank of America Corp. has been voted as the best US sell-side research firm, ending JPMorgan Chase & Co.'s seven-year reign, according to the latest Institutional Investor survey. BofA occupied 49 positions in this year's leaders table, with analyst Craig Siegenthaler emerging as the best-ranked in covering brokers and exchanges. JPMorgan grabbed 46 spots in total, followed by Morgan Stanley with 44. Mike Wilson at Morgan Stanley was picked as the best portfolio strategist, while JPMorgan's Dubravko Lakos-Bujas was ranked No. 1 in quantitative research. Evercore ISI maintained its fourth spot, with its Chairman Ed Hyman voted as the top economist. The demand for high-quality research remains high despite a volatile economic backdrop.
The top research providers in the global fixed-income markets reflect on the unexpected resilience of the U.S. economy in 2023, which defied expectations of a recession. The year was described as 'unprecedented' and marked the first time in U.S. history that Treasuries produced consecutive annual losses. The majority of consensus fixed-income and equity macro trades did not work. Despite the challenging macro environment, demand for research content and services continued, with investors seeking out-of-consensus calls and relative value trade ideas. Younger portfolio managers and analysts showed strong demand for macro educational material. The top research providers for developed and emerging markets were J.P. Morgan, BofA Securities, Barclays, Morgan Stanley, and Citi. Collaboration across asset classes and the ability to pivot quickly were highlighted as important skills for fixed-income analysts. The providers emphasized the importance of collaboration, data science, and the ability to react quickly to changing market conditions. [d0b99375] [4d538c48]