BTG Pactual and Itaú BBA top Extel Latin America research rankings again

Extel’s 34th Latin America Research survey ranked BTG Pactual and Itaú BBA tied for first among sell-side research firms across the region, with results drawn from 948 voters at 520 firms. The survey matters because it helps investors and banks gauge which research teams are delivering the most valued insight across Latin America.

Why it matters: - The Extel survey is a key regional benchmark for sell-side research quality across Latin America. - The rankings help investors, banks and brokers identify which firms are most trusted for research, trading, sales and corporate access. - The results also offer market feedback that can shape how firms build and distribute research services.

What happened: - Extel released its 34th Latin America Research survey results on July 28, 2026. - BTG Pactual and Itaú BBA shared first place again in the firm commission-weighted leaders table. - J.P. Morgan finished third with 23 published positions. - BofA Securities moved up to fourth with 22 published positions. - Bradesco BBI placed fifth with 17 positions. - UBS held sixth place. - Santander, Citi and XP Investimentos rounded out the top 10.

The details: - Voting covered 16 industry sectors and 4 macro sectors across Argentina, Brazil, Chile, Mexico and North Andean countries. - The results reflect feedback from 948 individuals at 520 firms, up from 939 voters at 509 firms in 2025. - Extel also surveys trading and execution, sales, and corporate access in its global equity research programs. - Latin America Trading results were scheduled for publication on July 29, followed by top sales and corporate access teams the next day. - Honorees included equity analysts who placed first, second, third or runner-up in their sectors. - BTG Pactual led the local broker results with first-place finishes in Argentina, Brazil, Chile, Mexico and the North Andean countries. - Itaú BBA took second place in those regions except the North Andean countries, where Bradesco BBI was second. - J.P. Morgan ranked third in Argentina and Chile. - Bradesco BBI ranked third in Brazil. - BofA Securities ranked third in Mexico. - Itaú BBA ranked third in the North Andean countries. - More information is available in the full results.

Between the lines: - The repeated strength of BTG Pactual and Itaú BBA suggests continued investor confidence in local Latin America research coverage. - BofA Securities’ move into fourth place signals a stronger showing in the region, including a net gain of seven positions. - The broader voting base points to a survey with expanded market participation and potentially more representative feedback. - Esther Weisz said the rankings reflect a Latin American market shaped by shifting macroeconomic conditions, renewed investor optimism, changing interest-rate cycles, commodity dynamics, structural reforms and geopolitical uncertainty. - Weisz also said demand for differentiated, high-quality research remains high as investors look for help identifying opportunities and managing risk.

What's next: - Extel will publish Latin America Trading results on July 29, 2026. - Extel will release rankings for sales and corporate access teams the following day. - Firms can contact Extel to use ranking positions in website content, advertising and marketing materials. - Extel also invites follow-up inquiries from participants and firms through its sales and marketing contacts.

The bottom line: - BTG Pactual and Itaú BBA remain the dominant research brands in Latin America, while the wider rankings show a competitive field where investor demand for high-quality coverage continues to drive recognition.