UBSTops Extel’s 2026 ANZ Equity Research Survey, Barrenjoey and J.P. Morgan close behind

In the 2026 results, UBS continues to lead, securing first place.

Extel (formerly Institutional Investor Research) has published the 2026 Australia and New Zealand Research Survey, with results reflecting independent feedback from 369 investors, portfolio managers and analysts across 201 firms.

Now in its second year, the survey highlights the leading sell-side equities research teams, recognised for delivering high-quality insights that support the provision, acquisition and consumption of research advisory services across the Australia and New Zealand equity markets.

Originally conducted as part of Extel’s long-running broader Asia (ex-Japan) annual survey, the second iteration of the standalone Australia and New Zealand survey saw an increase in the number of participating firms (7.5%) and individual voters (9%), cementing the increasingly influential role of ANZ markets within the global equity landscape. This survey covers 12 equity research sectors, providing a comprehensive view of research and advisory excellence in the region.

In the 2026 results, UBS continues to lead, securing first place (17 positions), followed closely by Barrenjoey and J.P. Morgan tied for second (16 positions each).

Macquarie placed fourth (13 positions), with Jefferies and Morgan Stanley ranking fifth (five positions each). The remainder of the top ranking firms saw BofA Securities and Jarden tie for seventh place (four positions each), Citi and Goldman Sachs tie for ninth (two positions each), and Evans & Partners and MST Financial tie for eleventh (one position each). Barrenjoey’s rise in the rankings this year was underpinned by a significant increase in first place rankings, converting a number of second and third place positions from 2025 into six first place sector rankings in 2026, the firm’s strongest performance in the survey to date.

Kieren Chidgey and Marcus Curley, Co-Heads of Global Research, UBS Australasia said: “We are delighted with this strong result in a very competitive survey. It is a meaningful recognition of the quality and breadth of UBS research that has been achieved in close collaboration with our distribution and corporate access colleagues. The past year has been especially dynamic for the Research business as we sought to help clients navigate complex markets through delivering timely, detailed, and relevant analysis.”

David Enticknap, CEO, Extel said: “The increasing engagement we’ve seen in the 2026 Australia & New Zealand survey reinforces the value of having dedicated, market-specific data for one of the world’s most competitive equity markets. Strong participation directly from buy-side voters ensures the results provide an accurate and trusted reflection of research quality across the region.”