Research Discovery

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

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 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 Carrodus

Founder & CEO

Hamish Risk

Head of Research Discovery

Krystal Somaza

Senior Data Analyst

Jon Furse


Matthew Zegleman

Head of Sales, Europe

Drew Hermann

Head of Sales – Americas

Dale Graham

Financial Controller

Nathan Hyatt

Sales Associate

Savvas Tachramanis

Data Analyst


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