Substantive Research
Independent comparison and pricing benchmarks for investment research and market data for asset managers and banks
Highlights
- New on EvolcAdded 2026-10-30
About Substantive Research
Substantive Research provides independent comparison and discovery on investment research, ESG and market data pricing and products. Its products include Research Spend Analytics, Market Data Spend Analytics, Research Insights (weekly curated content from over 300 brokers and independent providers) and Substantive Rankings, a benchmark of sell-side research providers and analysts.
Its customers are buy-side firms, including asset managers, banks, hedge funds and research and data procurement teams, along with sell-side and investor relations teams for the Rankings product. The company's offering is delivered as subscription products and services; the company describes its clients as financial institutions and reports a 90%+ renewal rate.
The company was founded in 2015 and is registered in London, United Kingdom. Its leadership includes CEO and founder Mike Carrodus, and it has a US sales function covering the Americas. It publishes market-data and research-spend reports and runs the Unbundling Uncovered event series.
Product: Subscription analytics for investment research and market data spend, including spend benchmarks, curated research discovery and provider rankings.
Jobs at Substantive Research
Leadership
- Mike Carrodus · CEO & FounderSource: company website
- Jon Furse · Chief Technology OfficerSource: company website
- Czarina Reinante · Head of Market Data and ESG AnalyticsSource: company website
- Drew Hermann · Head of US SalesSource: company website
- Matthew Zegleman · Head of European SalesSource: company website
- Nathan Hyatt · Head of Account ManagementSource: company website
- Savvas Tachramanis · Head of Research Spend AnalyticsSource: company website
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Website technologies
Older, unverified list. Detection dates and supporting evidence are not yet available.
- Cloudflare
- Elementor
- Google Analytics 4
- Google Tag Manager
- Google Universal Analytics
- Microsoft Clarity
- WordPress
- jQuery