Products
Research Discovery
Solutions for the investment function
- dedicated editorial team, filtering the research market across 400 providers
- weekly email showcasing best in class research matched to your interests and investment process
- due diligence and matching of the ”best fit” providers to fit portfolio managers’ needs
- access to the underlying publication in a MiFID II compliant manner
Research Spend Analytics
Solutions for the broker relations/research procurement function
- benchmark your research costs versus your peers
- optimize your budget to find quick wins on price and repurpose to higher value providers
- track and monitor analyst moves to assess changes in coverage and seniority
- provide research budget transparency and compliance to clients or internal finance functions
About us
In 2014 our founder and CEO, Mike Carrodus was running Global Sales at Ned Davis Research, an independent research provider with 1200+ buy-side clients. His background in financial publishing had made him wonder why there were so few rankings or surveys in the market, and why there were no tools that people used to find what they needed. Mike left Ned Davis and founded Substantive Research in early 2015 with two goals in mind: to match analysts and portfolio managers using a bespoke, data-driven process, and to help asset management firms ensure they were consuming the highest quality research at the best price.
Mike’s ex colleague Hamish joined Substantive from Deutsche Bank, where he was running Content Strategy after a successful career as a financial journalist at Bloomberg and Euromoney. His focus on the curation and filtering of research content in real time chimed with Mike’s wish to map the market structurally. Mike and Hamish expanded the team to include expertise in data science, AI and buy-side coverage, and through a number of years of listening to our customers and refining our solutions to their needs, two products evolved – Substantive Discovery and Research Spend Analytics.
Together with our industry-leading research Unbundling Uncovered conference, our products have ensured that over the last three years we have helped 70+ buy-side firms get the most value from their research budgets and allocate within their list to ensure the most beneficial effects for their investment teams. A renewal rate of 95% points to the fact we’ve delivered value to multiple of our cost, and we are delighted to be able to do that for many more clients in the coming years now that we are building out our team into North America and Asia. Contact us to learn more about us and how we can help you and your teams.
The Team
Mike’s time as Global Head of Institutional Sales at NDR, one of the leading independent investment research providers gave him unique insight into how fund managers were changing the way they were consuming and paying for research. Mike oversaw a global team based in Boston, San Francisco, Atlanta and London, covering a client base of over 1200 hedge funds, asset managers, pension funds and SWFs. Prior to 2011 Mike was Publisher of Euromoney Magazine.
A founding member of the Substantive team, Hamish heads up our research discovery team which filters, screens and assesses investment research across all asset classes for our clients, in partnership with our 400+ research partners. Hamish brings a wealth of experience to this function both from his previous roles on the sell side (Head of Content at Deutsche Bank prior to joining Substantive) and as a financial journalist and editor with Bloomberg and Euromoney. This has given him a deep understanding on how quality research should be structured, communicated and positioned for portfolio managers.
Dale joined Substantive as Financial Controller in May 2020. Dale has worked with many SMEs in varying finance roles and is a qualified chartered accountant with the Institute of Chartered Accountants Scotland, ICAS. Dale was previously Financial Controller of SL Capital Partners LLP for 10+ years and prior to that has held varying investment accounting roles within Aberdeen Standard Investments (ASI) and Scottish Widows Investment Partnership (SWIP).
Matthew is responsible for driving sales and account management across both Substantive’s product offerings within the EMEA region. Prior to joining Substantive Research in 2017, Matthew covered new sales for Continental Europe and Asia at Ned Davis Research.
Drew is responsible for the firm’s expansion into the Americas region. Prior to Substantive, Drew was Managing Director, Global Business Development at Ned Davis Research and played a key role in the development of NDR’s Enterprise Solutions and headed its sales efforts in that area. As a recovering attorney and former collegiate tennis player who has now pivoted to golf, Drew thrives on new challenges and finding truly valuable solutions to benefit clients. Drew holds a Master of Business Administration and a Juris Doctor from Georgia State University, and a Bachelor of Business Administration from the University of Georgia.
Nathan is responsible for new lead generation in both Europe and the Americas region, product marketing execution and the coordination of Substantive Research events. Nathan joined the firm in 2018 after graduating from the University of Southampton, where he obtained a BSc in Economics, majoring in Labour Economics, and the effect of workplace characteristics on the gender wage gap.
Jon is responsible for product and technology at Substantive Research. Jon recently moved from the Financial Times, where during his long tenure as a product and technology leader, he played a critical role in establishing the FT as a highly progressive digital technology company. In his role of Technical Director of Platforms, he led a global team across Asia and Europe, recently establishing a large in-house product and technology capability in Eastern Europe.
Krystal heads up our data analytics department and is responsible for the compilation and maintenance of all datasets related to Substantive’s product offerings. Since joining in 2016, Krystal has played an integral role in development of our data products and client dashboard, as well managing our work in applying machine learning and natural language processing to investment research. Krystal holds a Master’s in Finance from the University of Edinburgh where her academic work focused on investment research valuation.
Savvas joined from the University of Edinburgh Business School, where he obtained a Masters in Finance. Savvas brings to the Data Team his specialized knowledge on handling and analyzing extensive sets of data that are related to the market for investment research, a knowledge that he acquired during his work on his Master’s dissertation.
Media
- Hedgeweek – 24 June 2020: Substantive Research has appointed Drew Hermann as Head of Sales, Americas, part of the firm’s expansion plan to build out its North American operations
- Institutional Asset Manager – 6 April 2020: Foresight invests in Substantive Research
- Bloomberg – 19 December 2019: Analyst Jobs Vanish as a Perfect Storm Crashes Into Research
- Integrity Research Associates – 17 June 2019: Research Unbundling Conference a Resounding Success
- Bloomberg – 21 May 2019: Analysts Make Research Cooler, Wonkier and Bespoke to Lure Cash
- Integrity Research Associates – 4 June 2018: Assessing MiFID II’s Impact in the US
- Financial News – 6 June 2017: Fund managers preparing to get pickier about the market insights they acquire under Mifid II
- Integrity Research Associates – 10 November 2016: Substantive Research Develops Methodology for Ranking Research
Contact Us
If you would like to get in touch, please contact us via your preferred channel.
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