




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
financial institutions
use our services
Over
combined AUM
of our clients
Our Leadership Team
Founder

Research Discovery

Officer

European Sales

US Sales




Mike
Carrodus
CEO &
Founder



Hamish
Risk
Head of
Research Discovery



Jon
Furse
Chief Technology
Officer



Matthew
Zegleman
Head of
European Sales



Drew
Hermann
Head of
US Sales



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 rollout of 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



Mike
Carrodus
CEO & Founder






Drew
Hermann
Head of US Sales
Board of Directors



