Extel has once again recognized the top brokers covering small and mid-cap U.K. companies in a year dominated by macroeconomic volatility and geopolitical uncertainty.

Amid this environment, respondents to its 2026 UK Small & Mid-Cap (SMID) Brokers data rewarded a familiar group of names for their specialized expertise, but there was notable movement further down the leaderboard.

Investec retained the crown as the UK’s leading SMID broker for a fourth year in a row. Additionally, Investec’s Julian Yates kept his position as the number one rated analyst overall for a third year in a row based on the opinions of 248 portfolio managers and analysts at 186 institutions with major securities holdings in Europe.

Following Investec, Peel Hunt moved up one spot to take second place in the overall broker rankings displacing Deutsche. The firm captured third place nearly three years on from its acquisition of entrenched provider Numis, who dominated the rankings up until 2020.

Two years on from the merger of Panmure Gordon and Liberum Capital, its new entity Panmure Liberum jumped one spot to take fourth place as well as the only firm in the top four to gain market share in this year’s ranking.

Berenberg , which rounded out the top 5 brokers overall, also gained as did RBC and Shore Capital, which repeated their sixth place and eighth finishes, respectively.

Participants first rated their top firms in each sector and then separately rated individual analysts or economists and strategists at those firms to create two distinct results for each sector. The Best UK Small & Midcap Broker award is an aggregate of all 11 research categories, plus the sales, corporate access, and corporate broking categories.

While Investec’s Yates retained the top spot for a third consecutive year, Damindu Jayaweera of Peel Hunt saw a steep increase in ranking—jumping into the top three from last year’s 18th place finish. Charles Hall, head of research at Peel Hunt, has also seen a resurgence in the rankings after peaking at first place in 2022.

Richard Paige, equity research analyst at Deutsche, was up from fourth place to take first place in the Capital Goods sector and reflected on the affect the past year in the UK SMID market had on sell-side research.

“The past year in the UK small and mid-cap market has been significantly shaped by various macroeconomic factors,” he said. “Notably, companies perceived as ‘AI winners’ have been a key investment theme. Throughout much of this period elevated interest rates and geopolitical complexity continued to weigh on sentiment.”

For sell-side research, this environment underscored the critical need for differentiation and swift adaptation, he added. “It placed a heightened emphasis on conducting deep fundamental analysis, ensuring consistent and high-quality engagement with management, and effectively leveraging AI,” he said. “Ultimately, our objective remains to offer clarity in a complex environment, assisting investors in navigating both the inherent risks and the compelling opportunities that the UK SMID universe continues to present.”

While the past year has best been characterized as one with continual macro-driven market volatility, it was not without its bright spots, according to Matthew Hose, equity research analyst at Jefferies who was recognized as first place in the Investment Trusts sector.#