Recent Insights

  1. Addressing the unintended consequences of MiFID II unbundling rules

    First published on Tabb Forum in May 2021 Faster than anyone anticipated, the FCA issued a consultation on the 28th April as part of its work with HM Treasury on capital markets reform and the competitiveness of the UK financial sector. The consultation includes significant changes to MiFID II research unbundling rules with the FCA […]

  2. Substantive Research Launches Dashboard for Asset Managers

    Enables Analyst Mapping, Benchmarking of Research Pricing and Research Discovery London, 29 April 2021: Substantive Research,  the research discovery and research spend analytics provider for the buy-side, today announced the launch of their new, integrated Dashboard providing asset managers with detailed insights on their research providers’ pricing, sector coverage and investment in analyst teams. Developed […]

  3. Analyst mapping study examines sell-side analyst experience levels

    June 2021 Update: Substantive Research, the research spend analytics and research discovery provider for the buy-side, published findings of its latest study analyzing sell-side firm’s analyst moves and experience levels starting in January 2018 with the implementation of MiFID II. The analyst mapping exercise found significant juniorization of the global research market with 7,500 years […]

  4. Desert image

    Global Research Market Lost Years of Experience since MiFID II

    Substantive Research analyst mapping study examines the juniorisation of analyst research across the US and Europe London, 8 March 2021: Substantive Research,  the research discovery and research spend analytics provider for the buy-side, today published findings of its latest study analysing the juniorisation of analyst research, which began with the implementation of MiFID II in […]

  5. Substantive Research expands into US and strengthens UK sales team

    Appoints Michael Malpiede as Senior Sales Associate Americas and Alex Mackinnon as Sales Associate in Europe  London, 24 February 2021: Substantive Research, the research discovery and research spend analytics provider for the buy-side, has today announced the strategic hire of Michael Malpiede as Senior Sales Associate Americas, to lead Substantive ’s US expansion, in response […]

  6. Jigsaw Pieces

    MiFID II and COVID’s Effect on Global Analyst Landscape

    First published in Tabb Forum, January 2021. The investment research market has now undergone two major shocks to demand and supply within three years; firstly MiFID II’s research unbundling requirements in 2018, and more recently the move to entirely virtual engagements in response to COVID. This has presented asset managers with a number of challenges. […]

  7. ESG Data Supply Survey

    Substantive Research has been mapping the research provider universe since January 2015 for over 70 asset managers in Europe and the US. The ESG research and data market is where this map has been evolving most quickly in response to needs and available budget from investors. Whilst there are a handful of incumbents in the […]

  8. Photo by Thought Catalog on Unsplash

    Analyst meetings’ value has fallen since January 2020

    Substantive Research survey shows that while analyst engagement and demand for research remains high, virtual engagements are valued lower than physical meetings   London, 30 November 2020: Substantive Research, the research discovery and research spend analytics provider for the buy-side, has today published a survey into how asset managers have changed their approach to research […]

  9. Analyst Mapping

    Analyst Mapping Service Launches

    Asset managers now able to track and benchmark analyst moves, seniority and coverage for relevant sectors  London 23 November 2020: Substantive Research,  the research discovery and research spend analytics provider for the buy-side, has today launched its Analyst Mapping service, allowing asset managers to gain an aggregated view of banks’ analyst moves, their seniority and […]

  10. 4 Things We Learned At Unbundling Uncovered Autumn 2020

    4 things We Learned from our Unbundling Uncovered Autumn Conference, 2020

    The Autumn edition of Unbundling Uncovered, held on October 20th, brought together more than 675 registered attendees from the research market in our second virtual event for 2020. As always, there was plenty to debate and discuss. From the proposals by European regulators to carve out unbundling exemptions for portions of the research market, to […]