VTB Capital returns to the top of the All-Russia Research Team, Institutional Investor's annual ranking of the country's best sell-side analysts, bumping last year's winner, Sberbank CIB, down a notch to second place.
VTB Capital and Sberbank capture 14 and 13 spots, respectively, in the 12-sector survey. That's a gain of two for VTB Capital; Sberbank's total is unchanged from last year.
Analysts at VTB Capital appear in every category but one - ironically, the firm is absent from the Financial Services sector - and are dually ranked in three others: Corporate Debt, Equity Strategy and Industrials.
Sberbank researchers appear in every sector, and two are ranked in Corporate Debt.
Deutsche Bank returns in third place with ten positions. It's followed by Bank of America Merrill Lynch, holding steady at No. 4 even though its total increases by two, to seven.
Two firms share fifth place, with five spots apiece: Morgan Stanley, which picks up one position, and UBS, which failed to rank last year.
These results reflect the opinions of nearly 350 investment professionals at more than 240 institutions that oversee an estimated $208 billion in Russian equity and fixed-income assets.
Last year, on the tenth anniversary of the All-Russia Research Team, Institutional Investor noted that only three people had made the team every year since 2004, when the survey was introduced: Evgeny Gavrilenkov and Alexander Kudrin of Sberbank and Renaissance Capital's Alexander Kazbegi. All three return this year: Gavrilenkov makes his seventh consecutive appearance at No. 1 in Economics; Kudrin claims second place in Fixed-Income Strategy and Kazbegi repeats as a runner-up in Telecommunications.