Investment Banks are ranked by buy side firms during the broker vote process. There are additional levels of detail that emanate from this vote. Some firms also rank coverage by geographic region or country, sector or industry and individual analyst. One of the measurements for research analysts is the broker vote. Here is where the subjective/objective line can be crossed. The fund managers and buy side analysts, after the initial rank, are asked to give details of who has helped them during the voting period. This may be because of a timely stock call (buy or sell) or special insights or historical relationship. The analysts are ranked by how many firms have voted for them. This is done twice a year.
There are about 150-200 votes collected from buy side firms at any given time. The top analysts generally garner votes from about 120 firms as not all buy side firms are interested in all sectors/industries. There are also firms that refuse to give any details about research analysts.
I think brokers should be rated based on how profitable their ratings are. No need for subjectivity.
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