About Us

Substantive Research offers independent comparison and discovery on investment research, ESG and market data pricing and products. By providing transparency into previously opaque pricing models and fast-evolving supply dynamics, our clients know they are maximizing the significant and growing investments they make on market data and investment research.  

Our Story

We started Substantive in 2015 because we wanted to bring transparency in pricing and content to the market data and research markets globally. What we found was that with a motivated client base and the right skill sets, you can create processes that make financial institutions infinitely more powerful in their efforts to extract as much value as possible from their data and research budgets. 

 

Across the founding team we have skill sets and career experience that encompass benchmarking methodologies and technology, content curation and filtering, data automation, and research and data valuation techniques. We knew that removing this opacity would deliver enormous benefits in terms of cost savings, efficient budget allocation and better sourcing, and in order to achieve this the focus has to be on tailoring our data and services to specific use cases – benchmarks need to be apples-to-apples and research discovery has to be matched to an individual’s process and preferences.  

 

What makes us most proud is our 90%+ renewal rate. Clients save money, reallocate budgets and discover great content immediately with us, but the relationships we’ve developed allow us to continue to deliver and build on that value year after year. 

Over

0

financial institutions

use our services

Over

$ 0 tn

combined AUM

of our clients

Our Leadership Team

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Mike
Carrodus

CEO &
Founder

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Hamish
Risk

Head of
Research Discovery

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Jon
Furse

Chief Technology
Officer

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Matthew
Zegleman

Head of
European Sales

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Drew
Hermann

Head of
US Sales

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Czarina
Reinante

Head of Market Data
and ESG Analytics

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Savvas
Tachramanis

Head of Research Spend Analytics

Jon
Furse

CTO

Jon is responsible for product and technology at Substantive Research. Since joining in 2020, he has designed and implemented a client-facing digital strategy, and built an outstanding in-house development team in Edinburgh. Together, Jon and the team have rolled out a new, award-winning digital platform for Substantive Research clients.

Prior to joining Substantive Research, Jon was at 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.

Hamish
Risk

Head of Research Discovery

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.

Mike
Carrodus

CEO & Founder

Substantive Research was launched in March 2015 by Mike Carrodus, who until then was running the sales team globally for one of the largest independent research providers, Ned Davis Research. His idea was that financial institutions would find enormous value from gaining a better understanding of pricing trends and supply in the research and data markets, using a quantitative approach focused on specific use cases and requirements.

New EU regulations in 2018 accelerated this focus on value and quality, with regulatory updates in 2024 highlighting benchmarking as a core requirement for new freedoms. Substantive now serves over 100 firms totalling over $18tn in AUM and total assets of over $11tn.

Matthew
Zegleman

Head of European Sales

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.
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Drew
Hermann

Head of US Sales

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.

Czarina
Reinante

Head of Market Data and ESG Analytics

Czarina leads Substantive’s Market Data Analytics and ESG team. She is responsible for maintaining all datasets related to market data, shaping provider methodologies, identifying valuable patterns and trends to assist our clients in their annual renewals with market data vendors. Additionally, she oversees the development of our ESG dashboard product.

Before joining Substantive in early 2021, Czarina worked as an Equity Research Analyst at BDO Securities and as an associate in EY Philippines’ Financial Services Risk Management department.

She holds a Master’s degree in Economics and Finance from the University of Reading’s Henley Business School, is a licensed Certified Public Accountant in the Philippines, and earned a Certificate in ESG Investing from the CFA Institute in December 2022.

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Savvas
Tachramanis

Head of Research Spend Analytics

Savvas oversees all data and analytics relevant to the investment research market, as well as leading all developments on the Research Spend Analytics product. He is responsible for maintaining the database, assessing price benchmarks before delivery, and constantly inspecting the data for any trends and interesting insights.

Savvas joined Substantive Research in 2019, shortly after obtaining an MSc in Finance from the University of Edinburgh. Savvas brings his specialized knowledge on handling and analyzing extensive sets of data that are related to the investment research market, a knowledge that he acquired during his work on his MSc dissertation.

Board of Directors