UNBUNDLING UNCOVERED 15TH JUNE 2022 METROPOLITAN CLUB NEW YORK - PROGRAM - OPENEXCHANGE
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Unbundling Uncovered
15th June 2022 \ Metropolitan Club \ New York
Cocktail Sponsor:
Program
CASTINE
PMS BLUE: PANTONE 279C
PMS GREY: PANTONE 7545C
Unbundling Uncovered:
Defining Best Practice in
Investment Research Procurement
Welcome to Unbundling Uncovered USA!
If we include our virtual conferences over the last two years then this is our 5th annual gathering of
the research community in America, and we couldn’t be more excited to host this once again at the
Metropolitan Club. As the mappers, sourcers and benchmarkers of the investment research market,
we’ve missed the unpredictable and serendipitous insights that physical events excel at!
Since we last came together the world has changed and the investment climate with it, as we have
emerged from lockdowns into geopolitical upheaval. Asset managers now have an incredibly broad set
of risks and investment opportunities to assess, from the war in Ukraine and its effects on the energy
and food markets, to a wider assessment on the inflationary outlook for a variety of assets and sectors,
plus how ESG priorities are changing in the face of the new energy risks.
Add to this the combination of getting “back to normal” in some of the ways that the research market
operates, in contrast to the structural change that the ability to engage virtually has created, and it’s
clear 2022 is a year where firms need to have their wits about them.
The three questions we need to answer today are:
1. How does all this change the nature of buy side demand for research, data and corporate access?
2. How can research providers ensure that the commitments they make to address these demands
are appropriately rewarded, especially if they have kept broad and high quality coverage throughout a
deflationary pricing cycle in research?
3. Where are we seeing the most compelling innovation delivered in ways the buy side can adopt now?
During the 7 panel discussions of the day we will dive into these themes and plenty of other key topics.
Please do get involved - we want tricky questions and strong opinions from the floor - as we are back
together in person we want to take advantage of the benefits this brings!
Data services like ours flourish when workflows become more efficient, so we are delighted to have a
fantastic set of sponsors this year that represent the future. As always, we’ve only invited firms who
have displayed consistent thought leadership in this space.
Have a great day and please help us with any feedback on how to keep this event evolving - let’s move
the debate forward!
Mike Carrodus
Founder
Substantive Research
Unbundling Uncovered:
Event Agenda
08:30 Registration & Coffee
08:55 Welcome Address: Mike Carrodus, Chief Executive Officer, Substantive Research
09.00
Q&A: The Integration of Research & Data
Given that data and analytics are increasingly incorporated into alternative and long only managers’
internal processes, how is supply and demand for external research adapting to align with this trend?
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?
Finally, how have brokers applied more data driven approaches to ensure they are resourcing their
teams most effectively to meet demand and align with research valuation processes amongst the
buy side?
Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Thomas Yasin, Director of Investment Analytics, Liquidnet Investment Analytics
Stuart Howard, Global Head of Research, Market Data & Investment First Line Control, Invesco
Robin Hodgkins, President, Castine LLC
Simon Edwards, Chief Revenue Officer, BlueMatrix
Lauren Giametta, Director, Global Research Management, BlackRock
09.45 Panel I: The Evolution of the Research Budget
Buy side firms are increasingly confident in their research valuation processes, which are now
reflecting the changes in market climate and resulting changes in demand from their investment
teams. What does the research budget look like in 2022, and how is the allocation of that budget and
the consumption of research by asset managers changing?
Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Douglas Christensen, Senior Vice President, Account Management, Tier1 Financial Solutions
Steve Moreno, Global Research Relationship Manager, Capital Group
Amrish Ganatra, Chief Executive Officer, Commcise
James Maggio, Business Manager, UBS Asset Management
John E. Pflieger, Jr., Global Head of External Research Services, T. Rowe Price
10.35 Coffee Break
11.00 Panel II: The Research Product
Market volatility in 2022 is giving the post-lockdown model of packaging and delivery of research a
thorough stress test. As pricing in this market stabilises and perhaps even begins increasing again
for some providers, asset managers increasingly forensic assessment of the value of their analysis and
services is ensuring clear winners and losers. And the buy side’s focus on data, plus ESG now driving
asset gathering brings even more demands and potential opportunity for providers to increase their
market share and gain new footholds. How can providers ensure they succeed in this market climate,
and where is innovation being rewarded?
Moderator: Michael Mayhew, Chairman, Founder & Global Director of Research,
Integrity Research Associates
Speakers: Nicholas Mather, CEO, TS Lombard
Zarko Panic, Chief Product Officer, Eidosmedia
Todd Klein, Head of US Operations, Singletrack
Alex Andronov, Global Head of Business Development, Global Research, HSBC
Daniel Kean, Head of Strategic Partnerships, Sentieo
11.50 Panel III: Institutionalization of Crypto –
Research and Data Needs
As institutional interest in crypto grows, it’s clear that in the near future asset managers expect a
significant proportion of client portfolios to include digital assets. Supply of research and data for an
institutional audience is still in its nascent stages as these reallocations are still to come, but
as the size of opportunity becomes apparent sell side and independent firms are announcing
new crypto research services and analyst roles. What are the challenges inherent in rolling out a crypto
research product? How prepared are asset managers to consume and reward for access to this
content? Will the research role in this market end up with incumbent research providers, or is this a key
area for new niche research firms to gain market share?
Moderator: Jason Glazer, Managing Director and Head of Product Management, Piper Sandler
Speakers: Christine Sandler, General Partner, Walden Bridge Capital
Kevin Kang, Founding Principal & Chief Investment Officer, BKCoin Capital LP
Ryan Schoen, President & CEO, Washington Analysis
12.40 Lunch
13.40 Panel IV: Demand and Supply in ESG Research and Data
To accompany the growth in ESG-aligned assets under management, buy side firms are quickly creating
internal capacity to make ESG-driven investment decisions, but the data and research market is still
young. Clients are asserting that relying on ratings alone is a very dangerous business, and increasingly
building out their processes to truly understand ESG-alignment within the asset classes they invest in.
How are asset managers engaging with the new ESG research and data markets in terms of budgeting
and sourcing, and how are their existing providers adapting their offerings? Where has most innovation
been seen, and where have the new launches gained most traction?
Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Aniket Shah, Managing Director & Global Head Environmental, Social & Governance (ESG)
and Sustainable Finance Strategy, Jefferies
François Boutin-Dufresne, Managing Partner & co-founder, Sustainable Market Strategies
Allison Binns, Head of ESG & Sustainable Investing Strategy, Angelo Gordon
Pedro Fernandes, Founder & CEO, ResearchPool
Francois Gour, Senior Advisor, Frost Consulting
14.30 Coffee Break
15.00 Panel V: Corporate Access in a Post-Lockdown World
As we emerge from lockdowns it feels like everything and nothing has changed. The sell side has
reasserted its role as a key intermediary, and whilst virtual interactions have emboldened many buy side
firms to contact and communicate with companies directly, even the most active in this area still lean
on their brokers for many interactions. On the other hand, 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? If you aren’t a large long only then how should you approach your corporate
access program in order to ensure your investment process still works in 2022? How are corporates
approaching their IR differently now, and what would help them most from brokers and the buy side?
Moderator: Brijesh Malkan, VP Product, Singletrack
Speakers: Gabrielle Rabinovitch, CFO (Interim) & SVP, Corporate Finance and Investor Relations, PayPal
Deb Wasser, VP, Investor Relations and ESG Engagement, Etsy
Mark Pellegrino, CEO, CorpAxe
Mark Loehr, CEO, OpenExchange
Christy Bancone, Head of Syndicate and Counterparty Relationships, Polar Asset Management
Unbundling Uncovered: Event Agenda Continued... 3.50 Panel VI: Surveying the market – the evolution of market research tools for the buyside Bespoke market intelligence projects can be an important and differentiated part of an asset manager’s investment process. But how is the supply of services evolving, and how should the buy side evaluate the options available to them for accessing timely, bespoke and actionable survey data? Moderator: Mike Carrodus, CEO, Substantive Research Speakers: Kevin Coleman, CEO, Coleman Research Michael Crosby, CEO, Leadership Connect Tom Johnson, Managing Director Americas, Dynata 4.45 - 6pm Cocktail Reception Sponsored By
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Unbundling Uncovered:
Event Speakers
Alex Andronov, Global Head of Business Development, Global Research, HSBC
Alex Andronov is the Global Head of Business Development for HSBC’s Global
Research division. Alex led the implementation of their MiFID II programme and helps
to ensure clients are making the most of their award-winning research. He also leads
data and digital innovation for Global Research. Alex joined HSBC in 2014 and has
more than 15 years of experience developing new technology for financial markets.
Christy Bancone, Head of Syndicate & Counterparty Relationships,
Polar Asset Management Partners
Christy Bancone is currently the Head of Syndicate and Counterparty Relationships
for Polar Asset Management Partners, a Toronto-based asset manager. Based in
New York, she is responsible for managing the firm’s global sell-side relationships
including research, trading, and prime brokerage. She also manages the firm’s global
provider budget covering valuations, allocations, and reductions. Additionally, as
a part of the firm’s ECM strategy, she is also responsible for building relationships
with corporates prior to IPO. Before joining Polar, she held a similar role for Carlson
Capital, a Dallas-based hedge fund. Christy brings over 20 years of financial
experience in areas of research and capital markets.
Allison Binns, Head of ESG & Sustainable Investing, Angelo Gordon
Allison Binns is the Head of ESG & Sustainable Investing for Angelo Gordon. Prior to
joining the firm, Allison was an Executive Director for Global Sustainability Research
at Morgan Stanley, where she headed ESG research across fixed income asset
classes and led global corporate governance research for equities. She holds FINRA
licenses SIE, 63, 86 and 87 as well as the Fundamentals of Sustainability Accounting
(FSA) credential from the Sustainability Accounting Standards Board. Allison received
her A.B. in Sociology and Latin American Studies from Princeton University, and holds
an A.M. and PhD. from Harvard University.
François Boutin-Dufresne, Managing Partner & co-founder,
Sustainable Market Strategies & Nordis Capital
François is an entrepreneur which operates at the nexus of financial markets, public
policy and sustainable development. After a career in the Canadian government
and at the International Monetary Fund and capital markets, François co-founded
Sustainable Market Strategies and Nordis Capital, which are respectively an ESG
investment research firm that works with investors to build impactful strategies that
generate alpha and an emerging asset manager built on the premise that investing in
sustainability-themed megatrends can improve longer term risk-adjusted returns and
help investors and corporations achieve greater impact.
Unbundling Uncovered, June 2022 www.substantiveresearch.com
Mike Carrodus, Chief Executive Officer, Substantive Research
Mike founded Substantive Research in 2015 with two goals in mind; to keep portfolio
managers and buyside analysts constantly aware of the best research outside their
core list and give those who manage the research budgets a clear understanding of
market pricing and analyst resourcing from their providers. Since then, Substantive
has moved into providing similar supply and pricing transparency in Market Data and
ESG. Mike’s time as Global Head of Institutional Sales at NDR, one of the leading
independent investment research providers, gave key insight into how fund managers
were changing the way they were consuming and paying for research and data. Prior
to 2011 Mike was Publisher of Euromoney Magazine.
Doug Christensen, Senior Vice President, Account Management,
Tier1 Financial Solutions
Doug spearheads the strategic expansion into new markets and opportunities. He brings
more than 20 years of global capital markets experience to Tier1, having previously served
in capital markets operations leadership roles at some of the world’s largest and most
prestigious financial institutions. Notably among these was Barclays, where he ran the
firm’s European Equities client strategy group, European Corporate Access sales team and
was the Global COO for Equity Research. With a strong base of hands-on experience in the
capital markets industry, Doug possesses deep expertise in sell-side and buy-side capital
markets operational requirements and understanding of the recently implemented MiFID II
regulatory environment. He is integral to delivering the Tier1 promise of increasing buy-side
to sell-side connectivity.
Kevin Coleman, Chief Executive Officer, Coleman Research
Kevin Coleman is the Chief Executive Officer of Coleman Research, now a subsidiary of VQ.
He is regarded as one of the pioneers of the Expert Network Industry. Since founding the
company in 2003, Kevin has grown Coleman from a start-up to a leading global provider
of primary research in the financial services industry. Under his leadership, Coleman’s has
significantly expanded its client base, offerings and locations around the world.
From 1996-2002, Kevin was the Vice President of Sales at Multex, a global financial
information provider, where he was also on the management team. The company was
venture backed, grew dramatically, became publicly traded and was acquired by Reuters in
early 2003. Kevin has a BA from the University of Colorado and an MBA from the Graduate
School of Business at Babson College.
Michael Crosby, Chief Executive Officer, Leadership Connect, Inc.
Michael is CEO of Leadership Connect, Inc., a people intelligence service used by
4,000 public sector clients across the federal government, contracting community,
and government affairs teams. Michael began his career as an international business
consultant and then moved full-time to one of his clients as CTO for a boutique
brokerage firm. He then moved to the United States where where he led a product
management team for AT&T’s web services unit (“cloud” before the term was used)
in New Jersey. Prior to Leadership, his most recent work was turning around a data
& technology company focused on M&A and Private Equity with a successful exit
to Euromoney PLC. He holds one patent on executive stakeholder mapping and is
working on his second through work at Leadership.
www.substantiveresearch.com Unbundling Uncovered, June 2022
Unbundling Uncovered:
Event Speakers
Simon Edwards, Chief Revenue Officer, BlueMatrix
Simon manages BlueMatrix’s global expansion, providing advanced technology
solutions for the creation, distribution, presentation, and management of investment
research content to investment banks, investment managers, broker-dealers, and
independent research firms in more than 51 countries. He brings more than 30 years
of industry expertise and is an independent director of several investment funds at
Polygon Global Partners. Prior to joining BlueMatrix in 2013, Simon ran the emerging
market equity sales desks at UBS and ING and was a Principal and the Head of
US Sales for Lusight Research, an independent research and financial models
technology platform. Simon holds an MBA and BA from Durham University, UK
Pedro Fernandes, Founder and CEO, ResearchPool
Pedro Fernandes is the Founder and CEO at ResearchPool, which is delivering the
next generation of content & data management solutions for capital markets with
augmented efficiency, collaboration and connectivity. It will enable Buy side, Sell
side and Corporates to superiorly digitalize their under-automated workflows and
federated them around to become a ubiquitous capital markets hub.
Amrish Ganatra, CEO, Commcise
In December 2018, the co-founders and employees of Commcise sold a majority
stake in the firm to Euronext, a European exchange provider. Amrish is one of Europe’s
leading industry voices commenting on the operational and technological aspects
of implementing MIFID II research guidelines. Commcise provides an innovative fully
integrated cloud-based Commission Management, Research Evaluation / Consumption
Tracking and Accounting solution called CommciseBUY designed specifically to meet
the needs of asset managers. Furthermore, Commcise provides a similar comprehensive
solution for the sell-side and for research providers to them value and monetise each buy-
side relationship in the best way possible. Commcise’s solutions are used by over 1000+
asset managers, brokers and research providers globally.
Lauren Giametta, Director, Global Research Management, BlackRock
Lauren is responsible for the management of research relationships, payments,
commissions and BlackRock’s Alpha Capture program. Within this role, Lauren has
been responsible for building out the Research Management function post-MiFID,
increasing transparency with improved data and reporting, streamlining manual
processes and providing guidance to internal and external stakeholders to help
navigate BlackRock’s post-MiFID research process. Lauren has been with BlackRock
for over 15 years. Prior to assuming her current role in 2019, Lauren was a member
of the Investment Platform Team, where she managed projects for Investments and
Trading, focused on combining strategy, business process and technology to execute
on key business priorities. Lauren has also held roles in Aladdin Client Services and
Investment Accounting.
Unbundling Uncovered, June 2022 www.substantiveresearch.com
Jason Glazer, Managing Director and Head of Product Management,
Piper Sandler
Jason Glazer joined Piper Sandler in February 2022 as part of their acquisition of
Cornerstone Macro. He is a Managing Director and Head of Product Management.
Jason joined Cornerstone Macro in July 2014 as Chief Operating Officer and Head
of Sales. Prior to Cornerstone, Jason spent 1 ½ years at Cowen where he was a
Managing Director and Head of Hedge Fund Sales in NYC following their acquisition
of Dahlman Rose in January of 2013 where he was Head of Equities since 2007. He
previously spent 9 years at Bear Stearns as a Hedge Fund sales specialist. Jason
graduated in 1992 from Bucknell University with a BA in Economics & Political
Science and earned his MBA in 1998 in Finance & International Business from New
York University’s Stern School of Business.
Robin Hodgkins, President, Castine LLC
Robin has been a thought leader in the commission management arena for 20+ years,
serving most of the world’s most sophisticated financial institutions. He is the founder
and CEO of Castine LLC. Castine provides commission management best practices
with its C3 Platform for brokers and its Asset Management Toolkit for institutional
asset managers and hedge funds. The C3 platform covers commission management,
trader compensation, and compliance for both broker dealers. The Asset Management
Toolkit provides buy-side firms with the tools needed to manage complex commission
management, trade reporting, budgeting, and payment activities.
Castine’s products serve over 2,000 firms worldwide. Castine has offices in the US,
Argentina, and London.
Stuart Howard, Global Head of Research, Market Data &
Investment First Line Control, Invesco
Based in Henley-on-Thames, Stuart joined Invesco in 2000. He has performed a
number of senior management roles in the company over his tenure. Currently,
Stuart is responsible for all investment research relationships globally. He is also
responsible for all Market Data contracts and relationships globally for Invesco.
In addition, Stuart is responsible for the control environment (first line of defence)
for the investment teams in EMEA and is part of the executive management team
for the firm’s Henley based investment centre. Stuart is a Chartered Member of the
Securities Institute.
www.substantiveresearch.com Unbundling Uncovered, June 2022Unbundling Uncovered:
Event Speakers
Tom Johnson, EVP & General Manager, Sales and Customer Experience,
Americas, Dynata
Tom is a seasoned sales executive and sales organization leader, with experience selling
to global Fortune 500 clients in B2B information and market research. He leads client
development activities in the U.S. and Canada, driving sales execution and new business
development, while building client-focused relationships internally with the services,
product and marketing organizations. Prior to joining the company, he served as Senior
Vice President of Global Sales Strategy for Interactive Data Corporation (IDC). Previously,
Tom was Senior Vice President of North American Sales and Client Services for Survey
Sampling, Inc. and was with Gartner, Inc. where he was Group Vice President, North
American Consulting. Tom holds a BA in Political Science from the University of Colorado
Boulder.
Kevin Kang, Founding Principal & Chief Investment Officer, BKCoin Capital
Kevin Kang is a founding principal and chief investment officer of BKCoin Capital. Kevin
is responsible for the daily management and trading responsibilities for the Fund.
Prior to founding BKCoin Capital, Kevin was the portfolio manager and trader at
Amalgamated Bank, managing over $4 billion in multi-asset portfolios specializing in US
equities and fixed income. His previous experience includes being Associate Portfolio
Manager at AllianceBernstein in New York. During his tenure at AllianceBernstein,
he effectively collaborated with multiple portfolio managers in managing the largest
US equities’ product by AUM. Additionally, he successfully implemented investment
decisions and efficiently oversaw the firm’s daily positioning of its $40 billion portfolio.
Kevin is a CFA® charterholder and earned his B.A. in Finance from Stetson University.
He is fluent in English and Korean.
Dan Kean, Head of Strategic Partnerships, Sentieo
Dan Kean is the Head of Strategic Partnerships at Sentieo, managing content and
vendor partnerships for the leading financial intelligence platform for investors. Prior
to Sentieo, Dan was a Broker Research Product Manager at AlphaSense. Dan began
his career in the investment research industry in 1999 at Thomson Reuters/Refinitiv
where he held several roles, including broker research distribution, product management
for Refinitiv’s broker research entitlement and reporting platforms, and Relationship
Manager in New York for Refinitiv’s New York-based brokers. Dan earned an MBA from
Fordham University in 2018.
Swww.substantiveresearch.Todd Klein, Head of US Operations, Singletrack
Todd Klein is Head of US Operations for Singletrack, a full-service, client-engagement
and analytics platform. Born and raised in Ohio, Todd brings solid, midwestern values
to the fast-paced city of New York. He was fortunate enough to join Singletrack at
the point where they were leveraging their UK success into the US market and has
been instrumental in increasing revenue in North American over ten fold in the past
six years. Prior to joining Singletrack, Todd spent over a decade on the sell side in
various research management positions at several market-leading investment banks
and broker dealers.
Mark Loehr, CEO, OpenExchange
A progressive leader with over four decades of experience, Mark has continually
transformed the financial sector with the application of innovative technologies
and services. Previously he was CEO of Soundview Technology Group and with
its acquisition, EVP of Charles Schwab. Before Soundview, Mark was the head of
investment banking for Wit Capital, the first online investment bank, known for
innovating the distribution of IPOs. Earlier with Smith Barney, he was president of
Smith Barney Pacific, head of global equity sales and of equity capital markets. He
earned his BA in economics from Cornell University.
James Maggio, Business Manager, UBS Asset Management
James Maggio is a Business Manager for UBS Asset Management supporting the
Active Equities and O’Connor Investment Teams spanning eight countries across
the globe. His key focus is the oversight of the external research process. Other
key responsibilities include supporting the Investment teams to facilitate smooth
day to day business operations and driving the implementation and development of
business-wide action plans to ensure that processes, deliverables and responsibilities
are fully aligned with key initiatives and strategic priorities. James has fifteen years
of industry experience and eleven years with UBS Asset Management.
www.substantiveresearch.com Unbundling Uncovered, June 2022Unbundling Uncovered:
Event Speakers
Brijesh Malkan, Vice President, Product, Singletrack
Brijesh has over 20 years’ experience in financial services and technology. Prior to
joining Singletack Brijesh ran his own consulting firm where he worked with leading
buy side, sell side and B2B information services firms to develop growth strategies
and product development initiatives. Previously, Brijesh spent 7 years at BCA
Research, most recently as SVP, Corporate Development, Product Management and
Marketing. At BCA, Brijesh led the development, launch and commercial strategy for
the award-winning Edge and Analytics Platforms. Prior to BCA, Brijesh was VP at
SG Analytics, the leader in next generation research and analysis services, serving
a diverse group of Private Equity, Investment Banking and Corporate clients. Brijesh
held various strategy consulting and trading positions across financial services
institutions and technology companies.
Nicholas Mather, Chief Executive Officer, TS Lombard
Nicholas is the Chief Executive Officer of TS Lombard and was a founder of Trusted
Sources before its merger with Lombard Street Research and incorporation into TS
Lombard in 2016. Before establishing Trusted Sources in 2006, he was managing
director of Breakingviews, the leading online financial commentary service started by
former FT Lex journalists and purchased by Reuters in 2009. Prior to that, he spent
20 years in investment banking (BNP Paribas and Credit Suisse First Boston) working
in Asia and Europe. In the 1990s, following the collapse of the Soviet Union, Nicholas
worked in the newly created Russian financial markets, where he played a key role in
the creation of a new investment bank in Moscow and arranged equity financings for
newly privatized energy companies.
Michael W. Mayhew, Chairman, Founder & Global Director of Research,
Integrity Research Associates, LLC
Mike founded Integrity Research Associates, a research advisory firm for buy-side
analysts and portfolio managers, in 2003. Prior to establishing Integrity, he was CEO and
President of Garban Information Systems, a provider of fixed income, money market and
foreign exchange analytics; Managing Director, Research, for Maria Fiorini Ramirez Inc.,
an economic research firm; and head of strategic planning for Standard & Poor’s. Mike
started his career with MMS International, a fixed income research provider, where he was
a financial market analyst, sales manager, and product manager.
In addition to being a frequent speaker on the investment research, data and analytics
industries.
Steven A. Moreno, Global Research Relationship Manager, Capital Group
Steven is responsible for managing Capital’s global external research relationships, which
include the research evaluation process, and commission management programs. He
has 34 years of investment industry experience and has been with Capital Group for
eleven years. Prior to joining Capital, he was the managing director responsible for West
Coast institutional equity efforts at Bank of America Merrill Lynch. He holds an MBA from
Kellogg School of Management at Northwestern University and a bachelor’s degree in
finance and economics from Santa Clara University. Steven is based in Los Angeles.
Neil was appointed to the IMA’s Research Review Advisory Panel. Frost was sponsored by
CFA UK/CFA Institute to write a White Paper on the Valuation of Equity Research to help
the industry meet new UK regulatory requirements. Neil has also published on related
topics with Stanford University and the University of Edinburgh.
Unbundling Uncovered, June 2022 www.substantiveresearch.comZarko Panic, Chief Product Officer, Eidosmedia
As Chief Product Officer, Zarko Panic oversees the overall product strategy across
Eidosmedia’s suite of solutions. As a member of the Executive Leadership Team, he
is responsible for ensuring continued growth and success of the company.
He has spent most of his professional career within Tech & Financial Services sector,
where for over a decade he has been working for market-leading companies such as
Bloomberg, Thomson Reuters, Refinitiv and Eidosmedia, and was able to develop a
broad skillset across various corporate functions, including product management,
proposition management, strategy, and business development.
Zarko holds a Bachelor of Business Administration (1st) Degree in International
Business & IT and an MBA degree from Schiller University Heidelberg.
Mark Pellegrino, CEO, CorpAxe
Prior to CorpAxe, Mark was Head of Market Solutions at Balyasny Asset Management
where he oversaw broker relations, the firm’s corporate relationships, and its response to
MiFID II. He integrated the sourcing of broker content, corporate access, and alternative
data into one team to help the firm source, value, and pay for content critical to the
investment teams. Prior to Balyasny, Mark spent over 10 years in corporate access,
most recently as Head of Corporate Access at UBS Securities, where he built extensive
relationships within the corporate investor relations community. Mark graduated from
Princeton University.
John E. Pflieger, Jr,. Global Head of External Research Services, T. Rowe Price
John Pflieger is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates,
Inc., and T. Rowe Price Investment Services, Inc. He is the global head of external research
services, encompassing equities, fixed income, and multi-asset within the Investment
Group. From August 2016 to November 2017, John was head of strategic relationships
within the U.S. Intermediaries Group. From 2012 until July 2016, he was head of Wealth
Management - U.S. Investment Services, Financial Institutions Division, which includes the
broker-dealers, global and regional banks and platform services coverage teams. Prior to
joining the firm in 2012, John was a managing director in relationship management and
institutional sales at Bank of America Merrill Lynch. He has spent 29 years working with
various investment banks. He earned his B.A. in political science from Denison University.
John is a Series 7, 63, 9, 10, and 23 registered representative.
Gabrielle Rabinovitch, CFO (Interim) & Senior Vice President, Corporate Finance
and Investor Relations, PayPal
With nearly 20 years of experience in investment banking, deal execution, and financial
planning and analysis, Gabrielle has established herself as a trusted partner and credible
resource to internal and external stakeholders, including equity and debt investors and
research analysts. Prior to PayPal, Gabrielle spent four years as Vice President of the
corporate financial planning and analysis team and led the investor relations program for
Williams-Sonoma, Inc. Earlier in her career, Gabrielle spent nearly a decade in investment
banking and financial advisory services, working for AlixPartners, Bank of America Merrill
Lynch, and Morgan Stanley. Gabrielle has a MBA from UCLA, JD from UCLA School of
Law, and Bachelor’s Degrees in both Finance and Economics from New York University’s
Stern School of Business.
www.substantiveresearch.com Unbundling Uncovered, June 2022Unbundling Uncovered:
Event Speakers
Christine Sandler, General Partner, Walden Bridge Capital
Christine Sandler is a General Partner at Walden Bridge Capital. Previously, Christine has
held leadership positions at Fidelity Digital Assets and Coinbase Inc, leading business
development, marketing and research teams. Prior to digital assets, Sandler held sales
leadership positions at Barclays, NYSE Euronext and Merrill Lynch. Sandler holds a BA
in Economics from SUNY Stony Brook and is a graduate of the Insead Global Executive
program.
Neil Scarth, Principal, Frost Consulting
Neil Scarth is a Principal of Frost Consulting, which works with asset managers on a variety
of research issues including 3-Dimensional ESG input valuation solutions/benchmarks
designed to help investment firms manage growing ESG regulatory risks.
This methodology allows asset managers to allocate central ESG costs of wide range of
ESG and non-ESG specialist funds – a critical consideration as the scrutiny on fund-level
ESG integration increases from both asset owners and regulators. This works as an overlay
on any existing research valuation process. Neil has held a wide range of roles in asset
management and investment banking in both Europe and North America, ranging from
running equities businesses at global banks to launching and managing all aspects of
varying asset management products.
Ryan Schoen, President & CEO, Washington Analysis LLC
Ryan serves as President and CEO of Washington Analysis LLC, a CFRA company. He
joined WA in 2007 from Cassidy & Associates, a leading government relations firm in
Washington, DC, where he analyzed legislation and regulation across many sectors
including financial services. He also spent time at several research organizations in
Washington, including the Brookings Institution. He completed all coursework and
examinations toward completion of a Ph.D. in political science and econometrics at
George Washington University, after graduating from the University of Notre Dame with a
dual degree in political science and philosophy.
www.substantiveresearch.comAniket Shah, Managing Director & Global Head Environmental, Social &
Governance (ESG) and Sustainable Finance Strategy, Jefferies Group LLC
Aniket leads the integration of ESG and sustainability analysis within the global
investment research department and engages with clients on this dynamic area of
corporate and financial services. Prior to joining Jefferies, Aniket held senior roles in
emerging market investing and financing sustainable development in both the public
and private sectors, including at the UN Sustainable Development Solutions Network,
OppenheimerFunds and UBS Group AG. Aniket serves on the Board of Directors of
Amnesty International and the UN SDSN. He is an Assistant Adjunct Professor at
Columbia University’s School of International and Public Affairs. Aniket is a graduate
of Yale College and the University of Oxford, where he completed his PhD on the
financing of sustainable development.
Deb Wasser, VP of Investor Relations and ESG Engagement, Etsy
Deb Wasser has been an investor relations professional for over 30 years, primarily helping
technology companies engage with the investment community and other internal and
external stakeholders. She is currently VP of Investor Relations and ESG Engagement for
Etsy, Inc. (Nasdaq: ETSY), which operates two-sided online marketplaces that connect
millions of passionate and creative buyers and sellers around the world. Deb is a Board
Member of NIRI, the Association of IR Professionals, and one of approximately 300 IR
practitioners globally to have achieved the “IRC” certification. In addition to ranking as
an Institutional Investor “All Star” IRO several times in her career, in 2020 Etsy IR received
#2 sell-side ranking from Institutional Investor for Best Investor Relations, Best Investor
Relations Team, and Communications Strategies during Covid-19. Her team also recently
received an award for “Best ESG Reporting” from IR Magazine.
Thomas Yasin, Director of Investment Analytics, Liquidnet
Thomas Yasin is Director of Investment Analytics at Liquidnet, overseeing its sales and
commercial strategy across the EMEA and US markets. Liquidnet Investment Analytics
supports the trade lifecycle from pre- to post-trade, informing execution decisions and
empowering traders and portfolio managers with must-have insights into stocks that are
exhibiting unusual behavior compared to historical norms and correlated peers in addition
to helping influence decision making pre-trade. Thomas has over 15 years’ experience
and previously held senior positions in sales and consulting across trading, research and
derivatives technology providers such as Cassini Systems, FactSet, Code Red EMEA and
Eze Software Group.
www.substantiveresearch.com Unbundling Uncovered, June 2022THE ENERGY CRISIS Substantive Research's solutions are
designed to help investors find the best
ANALYST SUPPLY, BUY SIDE DEMAND, and most cost-effective resources to
navigate through the energy sector, and
AND DIFFERENTIATED INPUTS any other sectors of interest from an
investment research and ESG perspective.
How Can Substantive Provide Insight?
CHARTS
The global economy has been rocked by an energy crisis in 2022. This presented
both opportunities and risks for investors. The sector has gone from being the
worst performing to one of the best performing, which will have important asset
allocation implications. Yet, ESG considerations have and may continue to
preclude them from participating.
WE COVER EVERY
Look through Substantive Research's solutions below to find out how we can
keep you up-to-date with relevant research, provider pricing, analyst movements INDUSTRY!
and ESG data developments.
Insight on sell side analyst hiring and experience
levels per team, and buy side research payments
and interactions benchmarking that reveal the
Research Spend market demand and supply for energy-related
Analytics research, plus any other sectors of interest. CONTACT US FOR
MORE INFORMATION
Obtain a tailored curation service showing the UK & EUROPE
research providers who are producing the most +44 20 3386 9622
insightful research outside of your current
Research subscriptions, matched to each individual United States
Discovery portfolio manager’s focus and process. +1 470-222-5274
www.substantiveresearch.com
Filter through a list of 160+ differentiated ESG
info@substantiveresearch.com
data and research providers to gain insight on the
current supply of ESG data in the market within
@substantiveSM
ESG Research thematic areas, frameworks, geographies,
and Data Providers metrics and data points.
Substantive Research Ltd
ScreenerRESEARCH SPEND ANALYTICS
FOR THE ENERGY SECTOR
Research Spend Analytics
INTERACTIONS IN THE ENERGY SECTOR
provides unique datasets and As part of analyzing research budgets, we also examine analyst & corporate
analysis for investment research interactions, as well as analyst movements across different sectors and
buyers to deliver provider pricing industries. This allows us to generate provider league tables for each sector
and analyst resourcing visibility. based on consumption volume as well as payment.
This allows our clients to Here are some of our insights on the energy sector:
optimize their research budgets,
payment allocations and
consumption. TOP 3 PROVIDERS IN THE TOP 3 PROVIDERS IN
ENERGY SECTOR BY THE ENERGY SECTOR BY
Price Benchmarks that recognize
INTERACTION CONSUMPTION INTERACTION SPEND
each client’s specific use case per 1. JP MORGAN 1. GOLDMAN SACHS
provider, producing the only apples-
to-apples comparisons available in 2. GOLDMAN SACHS 2. MORGAN STANLEY
the market 3. JEFFERIES 3. JP MORGAN
Full transparency on provider
costs, interactions and changes
in their equity analysts’ On average, 6% of our client's interactions PROPORTION OF
headcounts / experience levels were to the energy sector in 2021. This INTERACTIONS
to optimize allocation of clients' percentage continues to increase as the
research budget based on
demand for research in this space grows.
specific use cases
Others Energy
94% 6%
Comparison tool highlighting Additional analysis on interaction league
key information to analyze tables also provide insight into the cost by
multiple existing and potential sector. We found that energy is the third
providers both within and most expensive sector interacted with by
outside clients' existing research clients. INCREASE IN ENERGY
supply to make better informed INTERACTIONS
allocation decisions
55% of our clients increased their energy
interactions and when they did, it was by
PLEASE CONTACT OUR TEAM an average of 40%. 55%
FOR A DEMO
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All material subject to strictly enforced copyright laws. © 2022 Substantive Research Ltd.RESEARCH DISCOVERY AND THE ENERGY MARKET
RESEARCH DISCOVERY
Substantive Research partners with a wide array of
research firms that specialize in the energy sector, and who
provide analysis across all aspects of the sector, both top Research Discovery provides
investors with a tailored curation
down and bottom up.
service that highlights the best-
in-class research providers
COVERAGE matched to specific areas of
focus.
Fundamental Supply and Demand
Analysis of the Underlying Resource
Logistics and Infrastructure Tailored curations matching
clients with the most insightful
and rigorous research specific to
Equity and Debt Fundamentals individual interests and process
Policy and Geopolitics of Energy Weekly access to publications
outside the clients' core list of
Renewables and Energy Transition providers, guaranteeing clients to
not miss key research reports
whilst discovering new partners
The curation each week is crafted
just for the specific client. Every
SOME OF OUR RESEARCH SOURCES portfolio manager has differing
internal resources, processes and
philosophies which we express
when highlighting quality research
Insights from over 400 brokers and
independent research providers
with deep dives into emerging
themes and asset classes
This data is confidential and under no circumstances should be redistributed.
All material subject to strictly enforced copyright laws. © 2022 Substantive Research Ltd.RESEARCH DISCOVERY AND THE ENERGY MARKET
RESEARCH DISCOVERY
Goehring & Rozencwajg: The Energy Crisis is Here; What’s driving demand and
Your Investment Themes: Energy underlying supply weakness (November)
markets
The renowned energy investor Leigh Goehring and his business partner, Adam Rozencwajg write
some of the most informed and well written research on energy markets. Their knowledge is deep
In this edition of Your Investment Themes we and broad and backed by solid data. Their quarterly reports are a must read and they have, in our
focus on energy markets. The theme has opinion, well ahead of any other analysts on the planet in predicting the current energy crisis we are
obviously dominated the financial markets since now experiencing.
the commencement of the Ukraine-Russia
Indeed, you need to go back to August 2020, where they published ”On the Verge of An Energy Crisis”
conflict. However, the origins of the energy crisis
. In that seminal piece they laid out a their thesis for the crisis. They detailed how demand for oil and
are well beyond the conflict, and indeed as the gas would soon reach an inflection point, largely driven by emerging economies making the transition
brilliant Leigh Goehring and Adam Rozencwajg away from solid energy to more liquified forms.
detail below, the crisis has already arrived before
the conflict began. The war has merely They then built on this thesis in a piece published last November, ”The Energy Crisis is Here”. which
exacerbated it. If you read anything below, we showed the widening gap between what their own models were telling them on future supply and
encourage you to read the three notes we provided demand, and what consensus forecasts, as well as the hapless EIA forecasts were predicting. This
has all come to pass.
from Goehring & Rozencwajg so you can grasp
what is really happening in energy markets today. This was then followed by a further piece in February, ”The distortions of cheap energy” where they
detailed how cheap energy had distorted energy markets creating the incentives to a boom in
This is not to say that the rest of the research inefficient renewable energy. Just like cheap capital (in the form of low interest rates) leads to mal-
below is not insightful and important. Rystad investment in the financial world, they say cheap energy has now led to mal-investment in new
Energy is best in class in this sector as well and technologies that are energy inefficient. This is a reference to Energy Return on Energy Invested
(EROEI), which G&R expect to become one of the important buzzwords of the decade. EROEI
the scenario analysis they have done on energy
measures how much energy is required to generate a useable unit of power. And the highest
markets is second to none. Longview’s Brad returning energy asset is? Nuclear.
Waddington is always an important read. Thunder
Said Energy are the global experts on the energy
transition. We’ve also provided an equity angle Rystad Energy: Impact report – 3Fourteen Research: Rerating
here with 3Fourteen Research. Russia’s invasion of Ukraine (March Energy equities – significant upside
21 and various dates) (March 10)
When it comes to oil and gas markets, Rystad Warren Pies at 3Fourteen research says the
Longview Economics: Russian oil – what to Energy is one of our go-to research providers. In Russian-Ukraine crisis will spark a positive
expect and why (April 13) recent weeks they have produced some rerating for North American energy equities.
detailed impact reports on the sector as a result He says a new appreciation for energy
Bradley Waddington at Longview Economics has previously of the Ukraine crisis. With so much uncertainty, security will emerge from the conflict. For
outlined in this report how high oil prices should eventually making bold predictions on where prices may investors, Pies says this will translate into
generate a strong supply response and an oil glut in 2023. In settle in the short-to-medium term are a stab in better valuations for traditional energy stocks
this note he focuses on Russia, which as one of the world’s the dark, so quite rightly, Rystad present some that could see a 40% oil-adjusted multiple
major oil exporters is a key part of that supply equation, and scenario analysis on where energy prices might expansion in the sector. He also explains how
whether it can bypass the impact of Western sanctions. go. To quote the most extreme scenario, Rystad the conflict has opened a gap between oil
Waddington’s central view is that Russian supply will be at project that oil prices could rise as high as $240 supply and demand that will lead to higher
levels broadly similar to Q1 by year end (following an initial a barrel. The least extreme scenario is that oil prices and demand destruction. Spiking food
1mbpd fall in Q2). He says that conclusion is drawn from an retreats back to $80 a barrel by the end of the and energy commodities make a double-digit
analysis of four key areas of focus: Russian tanker exports and year. See ”How high could oil prices go?” Other CPI reading likely in the months ahead, adds
pipeline flow data; Russia’s ability to switch oil sales away topics covered by Rystad in recent weeks are Pies, who warns the path to inflation
from the West (i.e. do they have the infrastructure to facilitate ”Can renewables support Germany if plug on normalization has narrowed considerably.
that); Russia’s reliance on international oil services companies Russian gas is pulled immediately?” The
(how high is it?); and Russia’s long term trade deals with non- answer is yes, but not anytime soon.
western consumers.
Overall, Waddington finds Russia’s ability to redirect exports Thunder Said Energy: How to cure the energy shortage (April)
(to ‘friendly countries’) is reasonably strong, tanker tracker
data shows that oil continues to flow to the rest of the world, Rob West at Thunder Said Energy says 2022 will see 13% of global GDP spent on primary energy, the
and the potential to ‘shuffle the deck chairs’ and supply extra highest level on record. This is not an oil shortage or a gas shortage, but an ‘everything shortage’, and it
barrels to China/India must be cured, he says. Arguably, coal is the biggest short-term cure given Western output has halved in
remains robust. For now, the past decade and old mines can ramp back up say West, who adds Japanese nuclear power and
therefore, given that curtailing oil demand are also large short-term cures, as is the potential rationing of energy. In the medium
Russia has increased its term, both US shale and LNG are cures to the problem, as is smarter energy, he says. New energies are of
own ‘in-house’ expertise, course ‘the cure we all want’, as part of the energy transition, says West, but they are unfortunately
he says the near-term becoming harder to implement. He says without cures, there are 4bn people that will effectively become
downside risks to ‘priced out of the world’, a full-blown humanitarian crisis, and total de-railing of ‘energy transition’. Plainly
Russian oil production and simply, says West, it is easier to do energy transition from a position of energy surplus.
are reasonably minimal.
This data is confidential and under no circumstances should be redistributed.
All material subject to strictly enforced copyright laws. © 2022 Substantive Research Ltd.ESG DATA & RESEARCH ON ENERGY
WATERS TECHNOLOGY'S
BEST ESG DATA
ESG INITIATIVE
IN THE IMD &
IRD AWARDS 2022
ESG AND RENEWABLE ENERGY
The ESG Dashboard is an award-
Global energy demand and supply chains only just started recovering from winning directory of 160+ ESG
the after-effects of the pandemic, but with the on-going war in Russia and Companies that provide data,
Ukraine, countries and companies are in a mad rush to look into more cost- research, ratings, impact valuations
effective alternatives - such as renewable energy. and sustainability reporting tagged
and searchable by a number of key
What will this mean for the energy sector? The energy sector currently filters, with a truly independent,
generates three-quarters of the world's GHG emissions. Clearly, an overhaul objective and up-to-date view of the
of this sector will have a huge impact on climate change. Asset managers latest regulatory developments and
also need to evaluate their investment strategies. Should they add firms provider product launches.
directly engaged in renewable energy consumption to their portfolios or
exclude unsustainable companies entirely?
Detailed information on each provider,
ESG data may provide answers to these issues. ESG Data Providers can their competitive advantages, new
track, monitor and analyze an organisation's progress against their ESG product developments, delivery
channels and formats
goals, monitor stakeholder and public sentiment, benchmark ESG-driven
portfolios and assist companies with their sustainability reporting.
We offer the facility to provide tailored
Substantive Research has built a directory of these providers to help clients deep dives by provider or theme
sort through the vast ESG data space.
Monthly Newsletters, exploring
aspects of the ESG data marketplace
WHAT IS THE CURRENT with profiles on related data providers
as well as ESG hot topics and the
MARKET LIKE? ESG SPECIALISTS latest regulatory news
BREAKDOWN
When Substantive Research began Filter by:
mapping out the ESG data space in 2021, Specialists Niche Specialisms within each
we found that of the 160 data providers 29% ESG category
we filtered as high quality providers, 61% Environ-
Frameworks implemented (e.g.
ment SASB, UNSDG, TCFD, etc.)
of these were generalists - providing 73% Dataset formats
Energy
some type of data on all E, S, and G - and 20% Number of companies a provider
only 29% focused on a specific covers for both private and public
topic/theme. Within these specialists, sectors
73% is focusing on E, but only 20% of
them are concentrating on Energy. Generalists
(covering all E,S and G)
61%ESG DATA & RESEARCH ON ENERGY
ESG Data Providers
As part of our Monthly Newsletters, we highlight data and research providers-to-
watch that are relevant to the theme of the month.
Substantive's ESG Service is an
For the energy coverage, we have selected three providers below to help investors integrated product that can be
with ESG-related data and investment research. combined with Research Discovery.
Explore specific ESG-related
Texas-based Enverus is a large SaaS company investment themes curated from
solely dedicated to energy. Using predictive our 400+ research provider
analytics to empower its customers make better partners. We select the "best in
decisions, increase profit and enable best class" research to deliver relevant
practices for energy and commodity trading. and timely information on
sustainability-related topics.
Enverus ESG Analytics was launched in January 2021 to enable users
to track emissions intensity, flaring rates, land use and water use via
satellite-enabled proprietary analytics alongside industry-leading
This service thematically curates the
objective data related to production and economics.
best ESG research in the market.
Enverus' strength is in its strong data science team that produces differentiated Here is a selection of notable research
algorithms and workflows. Having covered the space for 20+ years, their research pieces on the Energy Transition:
team supports various ESG initiatives related to the energy market.
How to Cure the Energy
Shortage
Oslo-based Rystad Energy is an independent energy Thunder Said Energy
research and business intelligence firm that uses multiple
sources of data to provide tools, analytics and consultancy Who Stands to Initially Win
services to the global energy industry. From Europe's Push For
Energy Independence
Vanda Research
Their products and services cover energy fundamentals and the
global and regional upstream, oilfield services and renewable energy
industries tailored to analysts, managers and executives alike. Some Reasons for Hope for
ESG Investors; Energy
Efficiency
Rystad Energy will appeal to asset managers that are investing in the energy Sustainable Market Strategies
industry, both traditional and new. They have hundreds of inhouse experts who
can help users deep dive into specific points of interest and their database is a
complete micro-to-macro bottom-up energy data system, providing details for all Oil & Gas in the Energy
assets in each energy sector. Transition - LNG at the Centre
of the Transition
Liberum
UK-based Terrabotics is an advanced satellite data
analytics firm with expertise in the energy and mining
sector. They provide primary, near-real-time data and
research from satellite imagery, with independent
verification on self-reported industry data.
Terrabotics’ Energy Supply Chain Observation & Understanding Tool PLEASE CONTACT OUR TEAM
(Energy SCOUT) is a modular set of services that transform raw FOR INFORMATION ON ALL
satellite sensor and spatial data into a series of information products OUR SOLUTIONS!
targeting oil and gas supply chain.
Terrabotics may be a good fit for investors seeking independent verification.
Their satellite imagery can produce 3D digital elevation models for any volume-
based metrics.
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All material subject to strictly enforced copyright laws. © 2022 Substantive Research Ltd.You can also read
