This is the sixth year for Extel’s Canada Research Team survey—and a sixth win for RBC.

The bank was once again No. 1 in this year’s survey based on the opinions of more than 520 directors of research and investment professionals at 320 asset management firms.

In this commission-based ranking, participants were asked to rate their top firms in each sector and then separately rated individual analysts at those firms to create two distinct rankings for each sector.

In the team ranking, RBC saw an increase in its total number of positions up from 16 last year to 18 in this year’s survey. This year’s second place finisher was once again BMO Capital Markets with 13 total team positions, down one from 2023. 

While Canada’s largest banks, known as the Big Five, dominated the leaderboard once again, there was some movement among them. TD Cowen made the largest gains, jumping from sixth place to third place and nearly tripling its four team positions from last year to 11 in 2024. Scotiabank fell once place to fourth, and CIBC World Markets was down one spot to fifth. BofA Securities was the highest ranked bulge-bracket firm at sixth place.

The additional individual analyst-based results leaderboard generated by Extel closely mirrored that of its team-based counterpart. Noteworthy was RBC’s increase of its individual analyst team positions to 28, up from 22 last year. Runner-up BMO Capital Markets once again had 14.

“RBC Capital Markets’ leading position in Canada and the notable increase in individual analyst rankings reflects the growth of our Global Research platform and the impact our innovative approach to Research product is having in the marketplace – including RBC Elements, which leverages alternative data to drive high-value investment ideas,” Walter Spracklin, head of Canadian Research, said in an emailed statement. “This strategic focus not only bolsters RBC's market competitiveness but also enriches our Global Research team’s ability to provide differentiated insights, advice and solutions for our clients.”