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
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.
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
Czarina
Reinante
Head of Market Data
and ESG Analytics
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
Mike
Carrodus
CEO & Founder
Drew
Hermann
Head of US Sales
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.
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.