J.P. Morgan claims the top spot on the Latin America Sales Team, Institutional Investor’s annual ranking of the best sales forces serving asset managers that invest in regional equities, for a second straight year. Bank of America Merrill Lynch and Itaú BBA each jump two places, to No. 2 and No. 3, respectively, while Morgan Stanley slips from third place to fourth. UBS is another big mover, leaping two levels to No. 5.
A total of 23 firms make this year’s team (plus an additional eight that receive an honorable mention). Those that rank highest are listed in the Leaders table. Data regarding firms not appearing here are available from the Institutional Investor Research Group; for information please contact Esther Weisz at 212-224-3307 or eweisz@iiresearchgroup.com.
“There are two factors we consider most relevant when evaluating a sales team. The first is efficiency — mainly time and access — in addressing our needs, and the second is the capacity of the sales team to bring to our offices their analysts as regularly as possible,” explains one money manager in Chile. “With regard to these factors, the J.P. Morgan sales team really stands out compared to others. Marcelo Ogaz and Rodrigo Jiménez give us great service.”
Unless instructed otherwise, II keeps confidential the identities of survey participants and their firms to ensure their continuing cooperation.
“The J.P. Morgan sales team led by Camila Penna consistently delivers all that the firm has to offer to its clients,” says another buy-side backer. “They do it in a personalized way, understanding our needs to have access to their great Latam products while incorporating the firm’s global products where appropriate. They work in partnership with their research counterparts, increasing the impact that the firm has with the client base.”
“The J.P. Morgan sales force is very thorough in their interpretation of the research notes published, providing good insight and starting points for us to delve into their research,” attests a third client. “They are also very supportive in terms of flows, allowing us to trade large blocks. Furthermore, they give us access to all of their analysts when they are in Mexico, and they provide us with all the supplementary information that we require.”
Many portfolio managers are equally enthusiastic about BofA Merrill’s salespeople.
“They are all very sharp, focused, kind and competent,” says one. “They provide straightforward, relevant information. Andrea Chamma and Camila Stolf are worthy of recognition.”
Other individuals singled out for special praise include the following:
• “Claudio Franco is a very attentive and helpful person. He calls us very frequently with insights from research reports together with his readings on investors’ positioning and stock picking.”
• “Guilherme Lopes is a very good salesperson. He has not only great write-ups, but he also brings foreign color to locals, and vice versa.”
• “Alessandra Souza has been able to arrange unique one-on-one meetings with top CEOs. Anytime we have a theme to explore, they are able to put together, in one or two weeks, a series of meetings tailored to our research needs.”
The São Paulo–based brokerage in third place also has its share of fans.
“Itaú BBA’s sales team has been very helpful in our daily affairs. They constantly send useful information regarding the Brazilian and world economies, are open to discuss the differences in our scenarios, put us in contact with other market players, invite us to events and conference calls and often come to our bank to exchange ideas,” reports one satisfied client. “José António Dezene Jr. promotes — and is always present at — those events and brings Itaú BBA’s economists to talk to us.”
Other backers also cite individuals in their praise:
• “José António Dezene Jr. is our sales contact at Itaú. His team has always shared on a timely basis all of Itaú’s research and consultants. They are always ready to put us in contact with their research team and often come to visit us. Their coverage of Brazil and Latam has always been excellent.”
• “Mark Fenton is a very knowledgeable Latam salesperson — always on top of things.
Each year II asks participants in the broader Latin America Research Team survey to tell us which firms provide the best sales support to investors in regional stocks. This year we received responses from more than 670 buy-side analysts and money managers at over 380 institutions that collectively manage an estimated $279 billion in Latin American equities. Roughly 74 percent of the people who cast votes in the research team survey, representing 84 percent of the participating buy-side institutions, answered our question about the best sales teams.
