The year in 2025 sell-side research showed no signs of slowing down thanks to a combination of geopolitical uncertainty, market volatility, and the long arm of artificial intelligence, according to the world’s heads of global research.
The 2025 Global Equity Research Leaders ranking lists sell-side research providers by the combined total number of positions earned across eight Extel’s 2025 research team surveys, which includes a new, dedicated survey for Australia & New Zealand.
Results of each survey are published separately throughout the year, beginning in February 2025 with the Japan Research Team and concluding in October 2025 with the All-America Research Team Rankings.
“Achieving the #1 ranking across Global Equities, Global Fixed Income, and Global Research overall in 2025 is a humbling recognition of our dedication to meeting our clients’ evolving needs” said Hussein Malik, Head of Global Research at J.P. Morgan. “We deeply value the feedback across diverse asset classes and regions from clients of all sizes, who took the time to participate in the Extel surveys. This acknowledgment motivates us to continue striving for excellence and delivering the insights and experiences our clients rely on.”
The equities leaderboard was largely unchanged but highlighted some areas in which firms have improved. J.P. Morgan maintained the top spot but increased their total positions from 179 to 195. BofA Securities once again took second place while Morgan Stanley broke last year’s tie for third. UBS is now in fourth place, but they have increased their total positions significantly from 125 up to 145. Jefferies was once again recognized in fifth place.
Katy Huberty, global director of Research at Morgan Stanley reported entering 2025 anticipating slower economic growth and persistent inflation “but our thematic approach to research helped our analysts identify key secular themes that would drive markets to perform well,” she added. “For example, the S&P 500, which is on track for a high-teens return, was driven by a stronger-than-expected earnings recovery which ties back to AI-related capital expenditures.”
Esther Weisz, Director of Global Sales for Extel said, "The Global Leaders’ Table, published annually at the end of the calendar year, highlights the consistently high standards demonstrated by global investment banks. In a year marked by shifting macro-economic conditions, persistent inflation pressures, and geopolitical uncertainty, delivering top-tier research across diverse markets while maintaining a strong commitment to quality is no small feat. Firms that continue to rank at the top of this table can rightfully claim to be among the most trusted global research houses, providing investors with the insight needed to navigate complex market environments. Our comprehensive research base remains unmatched, and the data underpinning these rankings reflects the views of asset managers whose perspectives are especially valuable in today’s rapidly evolving global economy.”
