Unbundling Uncovered London - on demand
Welcome: Mike Carrodus, Chief Executive Officer
Fireside with Rachel Kent, Chair, UK Investment Research Review
Rachel is a senior partner in the financial services regulatory team at Hogan Lovells, and in March 2023 was appointed by the Treasury to lead the UK’s Investment Research Review. She published the outcome of her review on 10 July 2023, which included the option to rebundle execution and research costs, and the creation of a new research platform. As the FCA takes on the mantle of drafting the detail to the new rules and structure, this is a great opportunity to learn how Rachel reached the conclusions that she came to, and what the next steps might be as the UK moves to implementation.
In June 2023 over 400 attendees from the buy and sell side joined us in New York to debate how the research market would react to the discontinuation of the SEC no action relief and the rebundling initiatives from the regulators in Europe, how innovation and consolidation among research providers would change supply dynamics, and where corporate access had levelled out post-lockdowns.
In November 2023 we reunited the European investment research industry in London, with replays on demand available from 10th November. 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 corporates are approaching their engagement with the market, and the role of the research valuation process across differing research funding approaches.
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Panel I: 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 2024 and beyond, and how is the allocation of that budget and the consumption of research by asset managers changing? How is the rebundling noise from the UK and the EU being digested and what are initial reactions?
Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Lauren Giametta, Director, Research Services, Blackrock
James Cooper, Research Procurement Manager, Pictet Asset Management
Amrish Ganatra, Chief Executive Officer, Commcise
Doug Christensen, Head of Capital Market Solutions, SS&C Tier 1
Rebecka Grimsberg, Global Research Services Manager, Wellington Management
Alex Coffey, Head of EMEA Research, Jefferies
Panel II: Regulatory change continues – will Europe rebundle and so what will that look like?
What are the key points to focus on as we map out the likely scenarios ahead for rebundling in Europe? Can a P&L funded market reverse back into passing research costs onto end investors, and if so what are the steps required for that to happen? What is best for end investors, and how will the narrative play out with them? What does that mean for transparency and governance of research costs?
Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Steve Stone, Partner, Morgan Lewis & Bockius LLP
Oliver Pratley, Sr Research Relationship Manager, Invesco
Robin Hodgkins, President, Castine LLC
Rudolf Siebel, Managing Director, BVI German Investment Funds Association
Julia Ashworth, Co-Chair, Euro IRP
Panel III: 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, Chief Revenue Officer, BlueMatrix
Mike Grubert, Managing Director, Credit & Equities, Third Bridge
Jim Bode, Global Head of Broker Relations, AlphaSense
Hester White, Director of Corporate Strategy, Peel Hunt
Terry Sinclair, Advisor, Limeglass
Panel IV: 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: Steve Moreno, Global Research Relationship Manager, Capital Group
Joanna Hewett, Market Data & Third Party Systems Lead, USS*
Rahul Ravikrishnan, Head of Product – Research, Eidosmedia
Bernardo Santiago, Co-Founder & CEO, S4 Market Data
Czarina Reinante, Head of Market Data Analytics, Substantive Research
Panel V: Engaging with Corporates – Access, Data & Content
As we emerge from lockdowns it feels like everything and nothing has changed. The sell side has reasserted its role as a key intermediary, while virtual interactions have emboldened many buy side firms to contact and communicate with companies directly. Virtual meetings have completely changed people’s propensity to travel, and there is now a forensic focus on which engagements need to be face to face. What differentiates the sell side’s corporate access services in the new hybrid world? If more asset managers are going direct how are they doing it and what is the feedback from corporates? How is technology aligning with and changing this market? What can new regulations include that would help the market improve on this side?
Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Mark Pellegrino, CEO, CorpAxe
Sarah Ahmed, Director of Corporate Access & Research Services, Artisan Partners
Bryan Healey, CTO, Aiera
Ian Hughes, Head of Investor Relations, Gemfields
Guy Brindle, CEO & Founder, Retail IR
Panel VI: 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? What happens to this dynamic if Europe rebundles in practice?
Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Mark Edward, COO Listed Investments, Impax Asset Management
Alex Andronov, Global Head of Business Development, Global Research, HSBC
Emma Christiansson, Global Head of Counterparty Relationships, Newton Investment Management
Kudjoou Bakpessi, Head of Third Party Research Management, M&G Investments
Neil Scarth, Principal, Frost Consulting
Ben Abbate, VP of Global Sales, Singletrack
