There's a certain feeling of déjà vu with some of these 2026 results. No change to the winning firms year on year for Developed Europe Research (joint winners BofA & JPM), Emerging EMEA (three-way tie for BofA, HSBC & JPM), UK SMID (Investec) and Developed Europe Local Broker (Kepler Cheuvreux).
That said, there's a lot going on beneath the waterline. And with a decade of constraints coming to an end, are we at the start of a research renaissance? David Enticknap, CEO of Extel, certainly thinks so. Commenting on the 2026 results, he said, "2026 marks a genuine turning point for investment research. The EU Listing Act and the FCA's PS25 together conclude the unbundling regime that has constrained the industry for nearly a decade, giving investment managers the freedom to use joint-payment arrangements for execution and research once again. Equally significant, firms are now required to conduct an annual review of the quality, usability and value of the research they receive, putting rigorous, independent evaluation where it belongs: at the core of investment decision-making."
Take a look for yourself...
Developed Europe Research Providers
Dataset can be found here
Supporting article by Alexandra DeLuca featuring comment from heads of research, is here
Emerging EMEA Research Providers
Dataset can be found here
Supporting article by Alexandra DeLuca featuring comment from heads of research, is here
Developed Europe Top Local Brokers
Dataset can be found here
Top UK SMID Brokers
Dataset can be found here
Supporting article by Alexandra DeLuca featuring comment from leading brokers, is here
