Macquarie retains top ranking in Extel’s 2025 Asia (ex-Japan/ANZ) Local Broker1 survey, achieving the highest points (59) with 23 winning positions2 in this year’s weighted leaders’ table3 across 11 Countries/ Regions (including Frontier Markets).

Macquarie also had the greatest number of ranked analysts by sector, 53 in total, an increase from 41 last year. This best overall broker rank includes the combination results of country research, country sales, corporate access, and trading and execution. Results reflect the opinions of 2,876 portfolio managers and analysts from 833 institutions.

Christina Lee, Head of Asia Content (Research and Sales), Macquarie Capital, said: "We are deeply honoured to receive this top ranking, which is a testament to the unwavering dedication and exceptional talent of our team. We are proud to be acknowledged for our commitment to delivering insightful, thought-provoking research that empowers our clients to make informed investment decisions in the dynamic Asian markets.”

“This recognition reinforces our dedication to pushing the boundaries of equity research and providing unparalleled service and insights. It inspires us to strive for even greater heights in the years to come.”

According to Extel, the team achieved outstanding results in Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. Overall, Macquarie is ranked 1st in Southeast Asia and India, and 2nd in North Asia.

For more than 25 years, Macquarie's Asia Equity Research team has delivered insights, analysis, and thought leadership for our institutional clients. Uniquely positioned as one of Asia’s most experienced research houses, our dedicated team covers more than 8004 stocks across the region. The team focusses on disruptive innovation across a broad range of industries from consumer and healthcare to technology and the transition to green energy. Our proprietary data sets and analysis help our clients with their investment processes to generate alpha.


1 Formerly known as Institutional Investor’s Asia Pacific (ex-Japan) Regional/ Local Broker Rankings.
2 Winning positions are 1st, 2nd, 3rd, 4th, or 5th place.
3 A weighted leaders’ table is published this year with different values assigned to 1st, 2nd, 3rd, 4th, or 5th place positions to create a more nuanced ranking system.
4 As of April 2025.