To select the members of our 2nd annual Australia & New Zealand Research Team, Extel solicited opinions of directors of research and heads of investment firms with major securities holdings in Australia & New Zealand. We received responses from 369 individuals at 201 firms.
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 by the respondent’s Australia/New Zealand equity commissions and the average rating awarded to create the Commission-weighted leader rankings.
Using these 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, the employment cut-off date for individuals was the date of the survey opening (November 14, 2025).
The individuals surveyed are kept confidential to ensure continuing cooperation. Voters must meet eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by our Research Operations Group.
Over the past year, investors in the Australia and New Zealand markets grappled with finding the balance between global uncertainty and domestic growth opportunities, according to the region’s sell-side research firms.
The markets have been increasingly impacted by both geopolitical tensions and more rapid realization of potential AI impacts across the economy, according to Marcus Curley and Kieren Chidgey, Co-Heads of Research for Australia and New Zealand.
This environment has made the work of research teams more paramount. “Leveraging the strength and breadth of UBS’s global research platform has enabled our team to provide valuable and timely insights to clients on how these global themes impact our domestic markets,” they wrote in a statement to Extel.
