Unbundling Uncovered
Online - 11th November
Defining Best Practice in Research Procurement
On November 6th, 2024 we reunited the European investment research industry at the Institute of Directors, Pall Mall, London. Panels covered the key regulatory developments in the UK and Europe, how AI and other technologies are evolving consumption and supply of research and data, how CSAs could work in a European “joint payments” world, and the role of the research valuation process across differing research funding approaches.
Email [email protected] to request a password for access to the replays from this event.
Speakers this year included:
Sarah Ahmed, Director of Corporate Access & Research Services, Artisan Partners Asset Management
Alex Andronov, Global Head of Business Development, HSBC
Suresh Balaraman, Founder & CEO, Datazoic
Bill Bierds, President, BCC Group
Gerard Breen, Manager – Wholesale Markets Sector Team, Financial Conduct Authority
Douglas Christensen, Head of Capital Market Solutions, SS&C Tier1
Alex Coffey, Head of EMEA Research, Jefferies
Lisa D’Aguiar, Director and Assistant General Counsel, BofA Securities
James Damen, Global Head of Sales, Commcise
Simon Edwards, Head of Business Development, BlueMatrix
Lansing Gatrell, Managing Director, Platforms & Regulatory Compliance, S&P Global Market Intelligence
Lauren Giametta, Director, Research Services, BlackRock
Patrick Gill, Executive Director, Business Manager of the EMEA Global Execution Services, Instinet
Roma Greening, Head of Broker Relations, EMEA & APAC, AlphaSense
Mike Grubert, Managing Director of Credit and Public Equities, Third Bridge
David Harrison, Head of Investment Business Management, Royal London Asset Management
Robin Hodgkins, President, Castine LLC
Eric Jaffe, CEO, BCA Research
Vineet Jobanputra, Head of Product, Singletrack
Blair Livingston, CEO, Street Context
Caspar Luard, CRO, TWST
Glenna Lynch, Client Strategy, Jefferies
Brijesh Malkan, Chief Strategy Officer, Singletrack
Michael Mayhew, Chairman, Integrity Research Associates
Steve Moreno, Global Research Relationship Manager, Capital Group
Mark Pellegrino, CEO, Corpaxe
Jack Polina, Global Head of Commission Management, Virtu
Oliver Pratley, Sr Research Relationship Manager, Invesco
Rahul Ravikrishnan, Head of Product – Research, Eidosmedia
Czarina Reinante, Head of Market Data Analytics, Substantive Research
Neil Scarth, Principal, Frost Consulting
Rudolf Siebel, Managing Director, BVI German Investment Funds Association
Gavin Skinner, Chairman & COO, Aiera
Lisa Stewart, Third Party Research Manager, Lansdowne Partners Ltd
Steve Stone, Partner, Morgan Lewis & Bockius LLP
Savvas Tachramanis, Head of Research Spend Analytics, Substantive Research
Welcome Address
Mike Carrodus, Substantive Research
Keynote Address:
Gerard Breen – Manager, Wholesale Markets Sector Team
Financial Conduct Authority
Panel 1: Regulatory Change in Europe – where are we and how will the market react?
When it comes to MiFiD II softening, we have certainty now on the UK’s direction and requirements. We are also near the finish line with the EU-level directive covering research consumption and valuation, ahead of nation states’ implementation. But what does this mean for how the industry reacts? How aligned will research regulations be across regions, and what are the key differences? Is anything unclear in terms of the practical application of the requirements and desired outcomes highlighted in the new regulations?
Moderator : Mike Carrodus, CEO, Substantive Research
Speakers : Sarah Ahmed, Director of Corporate Access & Research Services, Artisan Partners
Lisa D’Aguiar, Director and Assistant General Counsel, BofA Securities
Robin Hodgkins, President, Castine LLC
Neil Scarth, Principal, Frost Consulting
Rudolf Siebel, Managing Director, BVI German Investment Funds Association
Steve Stone, Partner, Morgan Lewis & Bockius LLP
Panel 2: The Evolution of the Research Budget
Regulation, demands for data, M&A and AI are all impacting research budgets that had only just settled into an established structure post-MiFID II. What will the research budget look like in 2025 and beyond, and how is the allocation of that budget and the consumption of research by asset managers changing? Will the regulatory shifts in Europe affect any of these dynamics in future?
Moderator : Mike Carrodus, CEO, Substantive Research
Speakers :Douglas Christensen, Head of Capital Market Solutions, SS&C Tier1
Alex Coffey, Head of EMEA Research, Jefferies
Lauren Giametta, Director, Research Services, BlackRock
David Harrison, Head of Investment Business Management, Royal London Asset Management
Mark Pellegrino, CEO, Corpaxe
Panel 3: The Research Technology Boom
How can research providers use technology to scale more effectively, and what does that mean for the economics of the market? How are generative AI and other emerging technologies affecting the demand for research now and how will it affect it in future? How do you understand and balance risk in the face of potentially losing competitive advantage?
Moderator : Brijesh Malkan, Chief Strategy Officer, Singletrack
Speakers : Simon Edwards, Head of Business Development, BlueMatrix
Roma Greening, Head of Broker Relations, EMEA & APAC, AlphaSense
Mike Grubert, Managing Director of Credit and Public Equities, Third Bridge
Blair Livingston, CEO, Street Context
Caspar Luard, CRO, TWST
Rahul Ravikrishnan, Head of Product – Research, Eidosmedia
Panel 4: The Integration of Data and Research – budgeting, sourcing and procuring across a wide range of inputs
Given that data and analytics are increasingly incorporated into alternative and long only managers’ internal processes, how is supply and demand for external data and research adapting to align with this trend? Can data procurement best practices provide pointers to the research market and vice versa? How have brokers adapted and repackaged research for their clients’ more data driven approaches, and how is the buy side delineating research and market data budgets given this overlapping trend?
Moderator : Michael Mayhew, Chairman, Integrity Research Associates
Speakers : Bill Bierds, President, BCC Group
Eric Jaffe, CEO, BCA Research
Steve Moreno, Global Research Relationship Manager, Capital Group
Czarina Reinante, Head of Market Data Analytics, Substantive Research
Gavin Skinner, Chairman & COO, Aiera
Panel 5: CSAs in Europe – a new landscape in research payments?
What does “CSA-like” really mean? How will it translate into practice in Europe, and what rate of CSA adoption can we expect next year? What do the differences in requirements between the US and Europe mean when it comes to trying to create as global a programme as possible? If you’ve never used CSAs before what do you need to know now?
Moderator : Mike Carrodus, CEO, Substantive Research
Speakers : Glenna Lynch, Client Strategy, Jefferies
James Damen, Global Head of Sales, Commcise
Lansing Gatrell, Managing Director, Platforms & Regulatory Compliance, S&P Global Market Intelligence
Patrick Gill, Executive Director, Business Manager of the EMEA Global Execution Services, Instinet
Jack Polina, Global Head of Commission Management, Virtu
Oliver Pratley, Sr Research Relationship Manager, Invesco
Panel 6: Research Valuation – How aligned are Buy and Sell Side processes?
How do buy and sell side research valuation processes compare when you look at them in detail? How can they become more aligned to ensure providers invest in areas that deliver the greatest value? How close are both sides to agreeing on one set of data to define how valuable each relationship is to both parties? Does the process change if budgets return to being client-funded again?
Moderator : Mike Carrodus, CEO, Substantive Research
Speakers : Alex Andronov, Global Head of Business Development, HSBC
Suresh Balaraman, Founder & CEO, Datazoic
Vineet Jobanputra, Head of Product, Singletrack
Lisa Stewart, Third Party Research Manager, Lansdowne Partners Ltd
Savvas Tachramanis, Head of Research Spend Analytics, Substantive Research
